Question
Mr. Jones goes to a check-cashing business to get money before his paycheck is due. The business charges him $25 up front to loan him
Mr. Jones goes to a check-cashing business to get money before his paycheck is due. The business charges him $25 up front to loan him the money one week before payday. Of his paycheck is for $550, what simple annual interest rate is the business charging him?
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Get StartedRecommended Textbook for
Public Finance A Contemporary Application of Theory to Policy
Authors: David N Hyman
11th edition
9781305474253, 1285173953, 1305474252, 978-1285173955
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