Elmer received a $25,000 loan from a loan shark.The loan required him to make payments of $400

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Elmer received a $25,000 loan from a loan shark.The loan required him to make payments of $400 per week (52 weeks per year) for three years.What annual rate (APR) and effective annual rate (EAR) did the loan charge?

Posted Date: May 15, 2024 11:04 PM

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Elmer received a $25,000 loan from a loan shark.The loan required him to make payments of $400

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Lets break this down step by step Loan Details Loan amount 25000 Loan term 3 years Week... View the full answer

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