Question
You are short on money so you go to a cash-advance checking service. You write a check to the company for $1,000 and they give
You are short on money so you go to a cash-advance checking service. You write a check to the company for $1,000 and they give you $960 today. They wait to cash your check for 2 weeks.
What is the APR the cash-advance service is charging you?
The answer should be 107.22%, but I don't know how to get it.
PLEASE solve usuing financial calculator funcions and show steps.
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Finance And Sustainable Development
Authors: Magdalena Ziolo
1st Edition
0367819767, 978-0367819767
