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Business, 19.03.2020 19:16 AllenTTG

Check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 7.9 percent interest per week. a. What APR must the store report to its customers? What EAR are customers actually paying? (Round your answers to 2 decimal places. (e. g., 32.16)) Annual percentage rate 410.8 % Effective annual rate 5113.33 % b. Now suppose the store makes one-week loans at 7.9 percent discount interest per week. What’s the APR now? The EAR? (Round your answers to 2 decimal places. (e. g., 32.16))

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Check-cashing store is in the business of making personal loans to walk-up customers. The store make...
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