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Consumer Responsibilities
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How is the interest rate on a payday loan calculated
b.
total fees divided by loan amount
Shaquil needs to borrow $400. The loan company charges him $80 in fees for the loan. Shaquil calculates that the annual percentage rate (APR) on his loan is 250%. Approximately what is the term of Shaquil's loan
b.
29 days
Twila decides to purchase several party trays for her holiday party. She sees that a local store has relish trays for $18.95, cheese and cracker trays for $23.99, and cookie trays for $25.49. The store also has a coupon in its flyer for $5 off any purchase of $50 or more on party trays. Twila orders 1 relish, 1 cheese and cracker, and 2 cookie trays. At this store, discount coupons are applied after tax is calculated, so a sales tax of 8% was added to Twila's purchase, and then coupon amount was deducted. If Twila was charged $96.43, determine if she paid the correct amount
a.
Twila paid the correct amount for her purchase
Mikah buys a new DVD player. After 9 days, he sees the same player on sale at another store for considerably less than what he paid for his. Since he still has the receipt, he decides to return the DVD player, get his money back, and buy it at the cheaper price. When he tries to make the return, he is disappointed to find out that returns on electronics must be made within three days of purchase.
Which of the following responsibilities did Mikah most likely not meet
b.
know the return policy
Barbara got a flat tire and does not have a spare. She needs her car for work, so she goes to a business that offers payday loans in order to get the money to buy a new tire. She borrows $75 and plans to pay it back when she gets paid in 8 days. Barbara is charged a fee of $15 and the term on her loan is 8 days. Approximately what is the annual percentage rate on her loan
c.
913%
Dynatashia has a list of items she needs to buy at the store. She has written down the items and the advertised prices as shown:
Hamburger - $3.99 per pound
Hamburger buns - $1.29
2-liter soda - 3 for $2.00
Dynatashia buys 1.5 pounds of hamburger, 1 package of buns and 3 of the 2-liter bottles of soda. Her receipt is shown below.
2-ltr soda 2@3/$2 $1.34
Hambrg 1.5 lb@3.99 $5.99
Hbuns 1@1.69 $1.69
2-ltr soda 1@3/$2 $0.67
Determine if Dynatashia's receipt is correct
d.
No, Dynatashia paid too much for buns
A consumer charges a $2,530.16 purchase on their credit card. The card has a daily interest rate of 0.042%. If the consumer pays off the balance at the end of 30 days, how much more in interest will they pay for the purchase
c.
$31.88
While out shopping, Lebron sees a sign for print tees advertised at 3 for $35 or $15 each. Lebron decides to buy 2 print tees. If the sales tax is 8%, how much more would Lebron have had to pay if he would have purchased 3 print tees
d.
$5.40
A company offering tax refund anticipation loans is trying to draw new customers. The company guarantees that the annual percentage rate on its loans is 39%. What fees would the company charge on a $1,200 loan if the term of the loan is 18 days? (Round to the nearest dollar
b.
$23
Determine the annual percentage rate (APR) for a tax refund anticipation loan based on the following information. (Round to the nearest percent.)
amount of loan = $985
total fees paid = $135
term of loan = 10 days
d.
500%
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