c- The check-cashing store also makes one-month add-on interest loans at 8 percent discount interest per...

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c- The check-cashing store also makes one-month add-on interestloans at 8 percent discount interest per week. Thus if you borrow$100 for one month (four weeks),the interest will be ($100 × 1.084) ? 100 = $36.05. Because this is discount interest, your net loanproceeds today will be $63.95. You must then repay the store $100at the end of the month. To help you out, though, the store letsyou pay off this $100 in installments of $25 per week. What is theAPR of this loan? What is the EAR? (Round your answers to 2 decimalplaces. (e.g., 32.16))

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Net proceeds today 6395 Weekly installment 25Total amount to be repaid 100No of weeks for which payment has to be made Total See Answer

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c- The check-cashing store also makes one-month add-on interestloans at 8 percent discount interest per week. Thus if you borrow$100 for one month (four weeks),the interest will be ($100 × 1.084) ? 100 = $36.05. Because this is discount interest, your net loanproceeds today will be $63.95. You must then repay the store $100at the end of the month. To help you out, though, the store letsyou pay off this $100 in installments of $25 per week. What is theAPR of this loan? What is the EAR? (Round your answers to 2 decimalplaces. (e.g., 32.16))