Ciiff Just agreed to a $40,000 loan from a loan shark. The loan requires weekly...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Ciiff Just agreed to a $40,000 loan from a loan shark. The loan requires weekly payments of $600 per week ( $2 weeks per year) for the next three years. What are the annual rate (APR) and effective annual rate (EAR) of interest on the loan? APR does not exist: EAR does not exivt APR 58.36\%:EAR 95.75\% APR 5836 EAR 7866% APA 67. 6OXC EAR 78.66% APR 67.60%:EAR9575%
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.