Friendlyrsquos quick loan inc offers you ldquofive for four, Financial Management

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Friendlyrsquos quick loan inc offers you ldquofive for four

Calculating EAR

Friendly’s Quick Loan Inc., offers you “five for four, or I knock on your door.” This means you get $4 today and repay $5 when you get your paycheck in one week (or else), What’s the effective annual return Friendly’s earns on this lending business? If you were brave enough to ask, what APR would friendly’s say you were paying?

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Financial Management: Friendlyrsquos quick loan inc offers you ldquofive for four

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Financial Management: Friendlyrsquos quick loan inc offers you ldquofive for four

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