Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2.00 points A pawnshop will lend $5,250 for 45 days at a cost of $35 interest. What is the effective rate of interest? (Use a

image text in transcribed
image text in transcribed
2.00 points A pawnshop will lend $5,250 for 45 days at a cost of $35 interest. What is the effective rate of interest? (Use a 360-day year Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places Efective rate of interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance

Authors: Walt Huber, Levin P. Messick

5th Edition

0916772438, 9780916772437

More Books

Students also viewed these Finance questions