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Lenny Loanshark charges 1.05 points per week (that is, 1.05% per week) on his loans. What APR must he report to consumers? Assume exactly
Lenny Loanshark charges "1.05 points" per week (that is, 1.05% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Answer is not complete. Annual percentage rate 54.60 % Effective annual rate %
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
