What is the nominal interest rate on this loan the


The local loan shark will loan a person $1000 if the person agrees to repay the loan in two weeks with a payment of $1020. What is the nominal interest rate on this loan? The effective interest rate?

Request for Solution File

Ask an Expert for Answer!!
Business Economics: What is the nominal interest rate on this loan the
Reference No:- TGS02602218

Expected delivery within 24 Hours