how do we solve this 1.You have just received an advertisement from Corleone Inc., a paycheck loan

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1.You have just received an advertisement from Corleone Inc., a "paycheck loan" service.Corleone will charge you a fee of 5% for a two-week loan (i.e. if you borrow $100, you must repay $105 in two week's time). Assuming a 52 week year, what is the Effective Annual Rate (EAR) that Corleone charges (rounded to the nearest whole percent)?

130%
356%
5%
256%
230%

Posted Date: May 19, 2024 05:09 PM

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how do we solve this 1.You have just received an advertisement from Corleone Inc., a paycheck loan

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