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Friendlys Quick Loans, Inc., offers you $5.00 today but you must repay $6.35 when you get your paycheck in one week (or else). * Requirement

Friendlys Quick Loans, Inc., offers you $5.00 today but you must repay $6.35 when you get your paycheck in one week (or else).

* Requirement 1: What is the effective annual return Friendlys earns on this lending business?

* Requirement 2: If you were brave enough to ask, what APR would Friendlys say you were paying?

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