Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A loan shark in Waterdown charges an interest rate of 4.5% per month on loans to its customers. The APR and EAR on these loaned

A loan shark in Waterdown charges an interest rate of 4.5% per month on loans to its customers. The APR and EAR on these loaned funds are __ and ___respectively. (round up to the nearest full number)

a

54%; 169%

b

65%; 88%

c

54%; 70%

d

4.5%; 54%

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

Applied International Finance

Authors: Thomas J O'Brien

1st Edition

1606497340, 9781606497340

More Books

Students also viewed these Finance questions

Question

Why do so many foreign companies build facilities in the U.S.?

Answered: 1 week ago

Question

In Problems 3546, convert each angle in radians to degrees. 5 12

Answered: 1 week ago