Question
Do you need cash fast? Your local PayDay Cash Advance Store will cash your personal check today and hold it until your next payday. So,
Do you need cash fast? Your local PayDay Cash Advance Store will cash your personal check today and hold it until your next payday. So, in effect, you get a short-term loan for a fee. Suppose that your local PayDay Cash Advance Store charges $15.00 per cash advance, the average cash advance is $500, and the average loan term is two weeks. What is the EAR on the average loan?
34.87 Percent
76.87 Percent
115.66 Percent
143.54 Percent
None of the Above
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Investments An Introduction
Authors: Herbert B. Mayo
13th Edition
0357127951, 978-0357127957
