Question
Friendlys Quick Loans, Inc., offers you $4.30 for $5.30 or I knock on your door. This means you get $4.30 today and repay $5.30 when
Friendlys Quick Loans, Inc., offers you $4.30 for $5.30 or I knock on your door. This means you get $4.30 today and repay $5.30 when you get your paycheck in one week (or else). |
If you were brave enough to ask, what APR would Friendlys say you were paying? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
APR | % |
Whats the effective annual return Friendlys earns on this lending business? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
EAR | % |
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