Question
Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $610 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 $610 in two weeks. What is the compounded annual rate implied by this 22 percent rate charged for only two weeks? |
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Public Finance And Public Policy
Authors: Arye L. Hillman
2nd Edition
0521738059, 978-0521738057
