Question
A lender offers 7-day loans at 7.7% discount interest per week. For example, if you borrow $100, you only receive $92.3 initially and must pay
A lender offers 7-day loans at 7.7% discount interest per week. For example, if you borrow $100, you only receive $92.3 initially and must pay back $100 after 7 days.
1) what's the EAR on the loan?
2) What's the APR on the loan?
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Forecasting Principles And Practice
Authors: Rob J Hyndman, George Athanasopoulos
3rd Edition
0987507133, 978-0987507136
