Question: The check - cashing store also makes one - month add - on interest loans at 7 . 8 percent discount interest per week. Thus
The checkcashing store also makes onemonth addon interest loans at percent discount interest per week. Thus if you borrow $ for one month four weeks the interest will be $$$$ Because this is discount interest, your net loan proceeds today will be $ You must then repay the store $ at the end of the month. To help you out, though, the store lets you pay off this $ in installments of $ per week. What is the APR of this loan? What is the EAR?
Note:Do not round intermediate calculations and enter your answers as a percent rounded to decimal places, eg
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