Friendly’s Quick Loans, Inc., offers you $8.00 today but you must repay $9.95 when you get your paycheck in one week (or else).

What is the effective annual return Friendly’s earns on this lending business? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Answer rating: 100% (QA)

Heres how to calculate the effective annual return EAR Friendlys earns on this loan Calculate th... View the full answer