Question
Elmer received a $25,000 loan from a loan shark. The loan required him to make payments of $400 per week (52 weeks per year) for
Elmer received a $25,000 loan from a loan shark. The loan required him to make payments of $400 per week (52 weeks per year) for three years. What annual rate (APR) and effective annual rate (EAR) did the loan charge?
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Money Banking And Financial Markets
Authors: Laurence Ball
1st Edition
0716759349, 9780716759348
