Question
The Money Shoppe will loan you cold hard cash until your next paycheck. You will write $832 cheque post-dated by two weeks and you will
The Money Shoppe will loan you cold hard cash until your next paycheck. You will write $832 cheque post-dated by two weeks and you will receive $800 right now. What is the biweekly-compounded APR of this loan (assuming a year is exactly 52 weeks long)? Note: Biweekly = happening every two weeks.
a. 104.00%
b. 177.25%
c. 204.00%
d. 208.00%
e. 277.25%
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
13th edition
978-1285027371, 128502737X, 978-1133541141
