Question
Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $535 in two weeks. What is
- Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $535 in two weeks. What is the compound annual rate implied by this percent rate charged for only two weeks?
2. Given the same information in #1, what is the compound annual interest rate implied if the loan fee (interest) is $50? What is the compound annual interest rate implied.
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Real Estate Development Principles And Process
Authors: Mike E. Miles, Laurence M. Netherton, Adrienne Schmitz
5th Edition
0874203430, 978-0874203431
