The company Furniture ABC offers credit to its customers at a rate of 1.4 percent per month. What is the effective annual rate and the annual percentage rate of this credit offer? Based on your answer, consider Should lending laws require lenders to report EARs instead of APRs? Why or why not?

Answer rating: 100% (QA)

Conclusion APR 168 EAR 161 Should lending laws require lenders to report EARs instead of APRsLending ... View the full answer