Answered: A payday loan company charges 3.8…

A payday loan company charges 3.8 percent interest for a four-week period. What would be the annual interest rate from that company?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Can you please solve this financial accounting question?

A payday loan company charges 3.8 percent
interest for a four-week period. What would
be the annual interest rate from that
company?

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