Ever wondered what the interest rate was on your payday loan? View the video below to learn how to calculate the payday loan interest rate yourself using Excel. Very helpful!
Excel Finance Trick #10: Interest Rate for Pay Day Loans
See how to calculate the Interest Rates for Pay Day Loans. See how to calculate the Period Rate, the Number of Compounding Periods in a year, and the APR and EAR for a Pay Day Loan. See a problem with the EFFECT function. Learn how to use the function help to find a solution. Pay Day Loans will: Allow you to write a check that has a date 25 days in the future for $250 and will give you $200 today (they cash check in 25 days). What is the APR and EAR? Nominal Rate APR Rate Annual Percentage …
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[...] Pay Day Loans will: Allow you to write a check that has a date 25 days in the future for $250 and will give you $200 today (they cash check in 25 days). What is the APR and EAR? Nominal Rate APR Rate Annual Percentage … … Read the rest here: Payday Loan Interest Rate | Payday Loan [...]