Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $325 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.)
+4
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $325 in two weeks. What is ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.