Your car breaks down a good friend of yours offers to loan, Business Economics

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Your car breaks down a good friend of yours offers to loan

Your car breaks down. a good friend of yours offers to loan you $1,000 so you can have the car repaired and returned home. your friend will charge you only $50 interest for the loan, but you have to pay it back within one month. what are the annual and effective annual interest rates of your loan?

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Business Economics: Your car breaks down a good friend of yours offers to loan

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Business Economics: Your car breaks down a good friend of yours offers to loan

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