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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 Rate Effective Annual Rate.

In This Series learn 17 amazing Finance Tricks. Learn about the PMT, PV, FV, NPER, RATE, SLN, DB, EFFECT, NOMINAL, NPV, XNPV, and the CUMIPMT functions that can make your financing tasks much easier in Excel. See how to use the PMT function in the standard way, but also see how to use it while incorporating a Balloon payment or a delayed payment. Lean how to translate a Nominal interest rate into an Effective Interest rate. Learn how to calculate how long it takes to pay off a credit card balance. Lean how to calculate the Effect Rate on a Payday loan. And many more financing Tricks!!

The Excel Finance Tricks 1-17 will show an assortment of Excel Financing Tricks!

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