Question
Friendlys Quick Loans, Inc., offers you three for four or 1 knock on your door. This means you get $4.40 today and repay $5.40 when
Friendlys Quick Loans, Inc., offers you three for four or 1 knock on your door. This means you get $4.40 today and repay $5.40 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?
| APR= 1,181.44% Whats the effective annual return Friendlys earns on this lending business? |
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Financial Management EMEA Theory And Practice
Authors: Michael Ehrhardt, Roland Fox, Eugene Brigham
2nd Edition
1473760216, 9781473760219
