Question
A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 10% interest per week.
A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 10% interest per week. What APR must the store report to its customers? What is the EAR that the customers are actually paying?
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Broken Markets A Users Guide To The Post Finance Economy
Authors: Kevin Mellyn
1st Edition
1430242213, 978-1430242215
