Question: Can I please get an explanation? It can be through excel and typed out that is fine thank you Elmer received a $25,000 loan from

Can I please get an explanation? It can be through excel and

Can I please get an explanation? It can be through excel and typed out that is fine thank you

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? Answer: APR: 74.03% EAR: 108.56%

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