Answered: A short-term lender charges 4.2%…

A short-term lender charges 4.2% interest for a five-week period. What is the annual interest rate (APR) charged by this lender? (Round to two decimal places.)

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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What is the annual interest rate charged by this lender of this financial accounting question?

A short-term lender charges 4.2% interest for a five-week
period.
What is the annual interest rate (APR) charged by this lender?
(Round to two decimal places.)

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