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?
Please explain in terms of calculator functions. N. I/Y PV, PMT, FV
Thank you
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Authors: William Brueggeman, Jeffrey Fisher
16th Edition
1259919684, 978-1259919688
