Question
You need a quick loan and decide to use the local payday loan office. The loan is for $400 and you pay it back 1
You need a quick loan and decide to use the local "payday" loan office. The loan is for $400 and you pay it back 1 week later (7 days). You end up paying them back $575. Assume the company compounds interest on a DAILY basis.. 1a. What is the effective interst rate per year? 1b. What would you owe if you kept the money for 1 year?
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
