Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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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
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Transcribed Image Text: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
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