Friendly's Quick Loans, Inc., offers you five for four, or I knock on your door. This means
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Friendly's Quick Loans, Inc., offers you "five for four, or I knock on your door." This means you get $4 today and repay $5 when you get your paycheck in one week (or else). What's the effective annual return Friendly's earns on this lending business? If you were brave enough to ask, what APR would Friendly's say you were paying?
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Related Book For
Essentials Of Corporate Finance
ISBN: 9780073405131
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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