Friendlyrsquos quick loans inc offers you 450 today but you, Financial Management

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Friendlyrsquos quick loans inc offers you 450 today but you

Friendly’s Quick Loans, Inc., offers you $4.50 today but you must repay $6.05 when you get your paycheck in one week (or else).

Requirement 1:

What is the effective annual return Friendly’s earns on this lending business?

Requirement 2:

If you were brave enough to ask, what APR would Friendly’s say you were paying?

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