Thnks A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $27 "fee" for a two-week $185 payday loan(when you repay the loan, you pay $212). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.)The effective annual interest rate is%. (Round to two decimal places.)SIIS

Loan fee=$27Loan amount=$185Period=2 weeks

Answered: A payday loan is structured to obscure…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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