Question
Payday loans issued by banks are often referred to asdirect depositadvances. In early2013, the average direct deposit advance charged $ 16 for a $ 100
Payday loans issued by banks are often referred to as"direct depositadvances." In early2013, the average direct deposit advance charged $ 16 for a $ 100 advance and was due in 9 days. What is the effective annual rate on this type ofloan? The EAR on the payday loan is?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
