Question
You are a little short on your cash. Your rent of $700 is due today, October 23 but you dont get paid until October 30.
You are a little short on your cash. Your rent of $700 is due today, October 23 but you dont get paid until October 30. Payday Buddies will give you a payday loan of $700 today, October 23, if you will pay back $755 on October 30, when you get your paycheck. What is the APR on this loan?
answers are:
About 327%
About 329%
About 347%
About 349%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Applied Quantitative Finance
Authors: Härdle
3rd Edition
3662544857, 978-3662544853
