Problem 5-22 Calculating EAR [LO 4] Friendly's Quick Loans, Inc., offers you $4.25 today but you must repay $5.75 when you get your paycheck in one week (or else). What is the effective annual return Friendly's earns on this lending business? (Do pot round intermediate calculations and ente places, e.g., 32.16.) Effective annual return If you were brave enough to ask, what AP % R would Friendly's say you were paying? (Do not round intermediate calculations and decimal places, e.g., 32.16.) Annual percentage rate References eBook & Resources Worksheet Difficulty: 1 Basic Section: 5.3 Comparing Rates: The Effect of C Problem 5-22 Calculating Learning Objective: 05-04 Explain how Type here to search