Question
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $27 fee for a
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $27 "fee" for a two-week $190 payday loan (when you repay the loan, you pay $217). What is the effective annual interest rate for this loan?(Assume 26 bi-weekly periods per year.)
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Fundamentals Of Corporate Finance MyLab Finance Student Acccess Combo Card
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
5th Edition
0136714811, 978-0136714811
