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A payday loan is a small, unsecured, short-term loan ranging from $100 to $1,000 (depending on the state). Borrowers simply give them personal post-dated check for the amount they want to borrow. A flat fee of $15 for every $100 borrowed is usually charged. The fees on such loans can equate to an annual interest rate of over 390%. Some argue this is an outrageous rate.
On the other hand, the costs of these loans can be less expensive than the other costs the borrowed funds are being used to avoid. For example, the $15 fee might be used to get $100 to avoid a $30 check overdraft charge, a $40 late credit card payment fee, or a $90 charge to reconnect electricity service, which will be disconnected without the money to make the electric payment.
A manager at a payday loan and check cashing business defends his company's business practice as simply "charging what the market will bear." "After all," says the manager, "we don't force people to come in the door."
How would you respond to this ethical defense of the payday-advance business? Please put ref.
If, instead, this loan were to be repaid through payments of $2,500 every 3 months for 5 years, what would be the effective interest rate?
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On a set of "market return (x axis)-asset return (y axis)" axes, use the data given to draw the characteristic line for asset A and for asset B. Use the characteristic lines from part a to estimate the betas for assets A and B. Use the betas found in..
The following list contains several variables that differentiate college students.- Describe how you would do a correlational study to evaluate the relationship.-
Thomas Brothers is expected to pay a $.50 each share dividend at the end of the year. The dividend is expected to increase at a constant rate of 7% a year.
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The current market rate of interest on the Bright Sun bonds is 9.40 percent. What is the current market price (intrinsic value) of the bonds?
Suppose you sell the December futures contract, and one day later the Chicago Board of Trade informs you that it has credited funds to your margin account. What happened to interest rates during that day? Briefly explain.
The authors conclude that mobile-home parks cause tornado occurrences. - What is an alternative explanation for this fact?
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