Question: please explain where does the 52 comes from. 2. You are running short of cash and really need to pay your rent. A friend suggests

please explain where does the 52 comes from.

2. You are running short of cash and really need to pay your rent. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $6,000 if you pay them back $6,600 in one week. It seems like a good idea to you because you don't want to sell your car and you are sure you will be able to pay the money back in a week. What is the APR on this loan? a. 10% b. 240% (66006000)/6000=10% 10%52 weeks =520% c. 120% e. none of the above

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8 percent (APR), compounded quarterly (every 3 months). How much interest did John earn over the 15 years? a....

Answers are provided but need step by step solutions without excel just basic step by step with formulas 1. John invested $20,000 fifteen years ago with an insurance company that has paid him 8...

Q3.Short-term financing i n smartselectimage PlS open \fBillabong (BBG.AX) Analysis By Dr Jennifer Harrison Source: Bloomberg, as cited in Greenblat, E. 2013, 'Billabong adrift without chief...

You are running short of cash and really need to pay your rent. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $1,000 if you pay them back $1,200...

Please write an introduction to the study case? CaseChapter 5 Fraud maks) Herloom Photos sols a $900 photography plan to rural customers using a commissione Salesforce. Rather than pay the price up...

Greenspeed Inc. Greenspeed Inc. has been run for the last several years by Robin Jones. Unfortunately, during that time sales and prot have been declining. On December 1, Mrs. Green announced that...

You are running short of cash and really need to pay your tuition. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $10,000 if you pay them back...

CASE 5.2 HEIRLOOM PHOTO PLANS. In two or three pages , please answerfour questions at the end of the case. Please see the attach file for the CASE 5.2 Chapter 5 computer fraud CASE 5-2 Heirloom Photo...

You are running short of cash and really need to pay your tuition. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $5,000 if you pay them back...

Case # 5.2 . Heirloom photo plan. PLEASE ANSWER FOUR QUESTIONS AT THE END OF THE CASE, in two or three pages. Please see the attach file. thanks. CASE 5-2 Heirloom Photo Plans Heirloom Photos sells a...

Your client, Piano Keys Inc., owns and operates a piano repair shop in Albany, New York. Piano Keys specializes in the repair and restoration of pianos. In November of last year, the roof over...

It is known that the reaction of halobenzenes with potassium starch (KNH2) in liquid ammonia generating aniline occurs by an elimination-addition mechanism, with the formation of an intermediate...

The buyer of a Put Option has the right but not the obligation to sell the underlying stock. Question 2 5 options: TrueFalse

9. (15 points) A company is considering a new project that requires an investment of \$5 million. The project is expected to generate cash flows of $2 million in year 1,$3 million in year 2, and $4...

1. LaunchPad for Real Communication offers key term videos and encourages selfassessment through adaptive quizzing. Go to bedfordstmartins.com/realcomm to get access to: LearningCurve Adaptive...

5. Demonstrate behaviors that contribute to intercultural competence

3. Describe the communicative power of group affiliations