Question
Friendlys Quick Loans, Inc., offers you $7.25 today but you must repay $9.25 when you get your paycheck in one week (or else) 1)What is
Friendly’s Quick Loans, Inc., offers you $7.25 today but you must repay $9.25 when you get your paycheck in one week (or else)
1)What is the effective annual return Friendly’s earns on this lending business?
2) If you were brave enough to ask, what APR would Friendly’s say you were paying?
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
