Question
Calculating EAR on payday loan. How do you solve this: the average direct deposit advance charged $14 for a $100 advance and is due in
Calculating EAR on payday loan.
How do you solve this: the average direct deposit advance charged $14 for a $100 advance and is due in 12 days. What is the effective annual rate on this type of loan?
The EAR on the payday loan is_______________%. rounded to 2 decimal places.
Please provide steps on how to solve.
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The Oxford Handbook Of The Sociology Of Finance
Authors: Karin Knorr Cetina, Alex Preda
1st Edition
0198708777, 978-0198708773
