1 hour advance loans in Missouri

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Payday Loan in Missouri

    1). Find the annual simple interest rate of a loan, where $500 is borrowed and where $525 is repaid at the end of 13 months. Interest for 13 months is $25 Annual simple interest rate is 4.6% 2). Find the amount borrowed if $1000 is due at the end of 4 months when an annual simple interest rate of 12% is used. If the amount borrowed is A A(1.12)^(1/3) = 1,000 A = 1,000/1.0385 Amount borrowed is $962.93

    Let the rate be x 25 = 500 X x/100 X 13/12 = 65x/12 65x = 300 x = 300/65 = 4.615% ANSWER 1000 X 12/100 X 4/12 = 40 1000 +40 = 1040 $ ANSWER

    = 100%(12[{$525 - $500}/{13/12($500)}]) = 100%(12[25{3/1,625}]) = 100%(12[75/1,625])) = 100%(12[3/65]) = 100%(36/65) = 3,600/65% or 720/13% or 55 5/13% Answer: 55 5/13% Missouri 55.3846 2/13% simple annual rate of interest Check interest of $25: = $500.00 * 0.553846 * 13/12 = $25.00 ----------- Amount borrowed—x: x + (0.12 * 4/12 * x) = $1,000.00 x + 0.04x = $1,000.00 1.04x = $1,000.00 x = $961.54 Answer: $961.54 Check amount due, $1,000: = $961.54 + ($961.54 * 0.12 * 4/12) = $961.54 + $38.46 = $1,000.00

    $962.93

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