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You are considering a short-term loan that charges 1.05% interest per day. What is the APR in%? What is the EAR in%? what is the

You are considering a short-term loan that charges 1.05% interest per day. What is the APR in%? What is the EAR in%?

what is the actual rate of interest you would be paying?

APR? EAR?

Now you're considering a payday loan. The finance charge is $15 for every $100 borrowed, and must be repaid in two weeks, it will roll over to a new payday loan with another finance charge. Assume there are 52 weeks in each year. You plan to borrow $400

What is the APR of this loan? in%

what is the EAR of this loan? in%

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