A payday loan shop charges 20% monthly interest, compounded daily. If you borrow $200.00 against a paycheck which will show up in 14 days, what is your repayment amount on the loan? (Please answer without the use of Excel)
Added by Anthony C.
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To do this, we divide the monthly interest rate by 30 (the number of days in a month): 20% / 30 = 0.67% Show more…
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