Question
The Really Expensive Bank Inc is offering a special deal. You may borrow $1,000 today and make payments of $20 per week, at the end
The Really Expensive Bank Inc is offering a special deal. You may borrow $1,000 today and make payments of $20 per week, at the end of each week for the next 2 years to pay off the loan. What is the effective annual rate of interest is charging you?
a) 0.15% b) 1.63% c) 2.31% d) 65.7% e) 131.4%
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Principles Of Accounting
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
1st Edition
978-0077300456, 0077300459
