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 0 and will give you 0 today (they cash check in 25 days). What is the APR and EAR? Nominal Rate APR Rate

Read more ...