Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An online payday loan offered the borrower $100 cash right away, but the borrower needs to write a personal check of $117.64, payable in two
An online payday loan offered the borrower $100 cash right away, but the borrower needs to write a personal check of $117.64, payable in two weeks. Calculate the loans APR and EAR
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started