Question: Friendly's Quick Loans, Inc., offers you five for seven or I knock on your door. This means you get $5.00 today and repay $7.00 when

Friendly's Quick Loans, Inc., offers you "five for seven or I

Friendly's Quick Loans, Inc., offers you "five for seven or I knock on your door." This means you get $5.00 today and repay $7.00 when you get your paycheck in one week (or else). If you were brave enough to ask, what APR would Friendly's say you were paying? What's the effective annual return Friendly's earns on this lending business

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