ayday lender needs to earn an expected 24 percent APR to cover her own costs, and she knows that 35 percent of the loans she makes will never be paid back. Given this information, what is the minimum monthly interest rate the lender must charge to all borrowers? Select answer from the options below 36.92 percent 68.57 percent 30.77 percent 28.56 p
ayday lender needs to earn an expected 24 percent APR to cover her own costs, and she knows that 35 percent of the loans she makes will never be paid back. Given this information, what is the minimum monthly interest rate the lender must charge to all borrowers? Select answer from the options below 36.92 percent 68.57 percent 30.77 percent 28.56 p
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
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A payday lender needs to earn an expected 24 percent APR to cover her own costs, and she knows that 35 percent of the loans she makes will never be paid back. Given this information, what is the minimum monthly interest rate the lender must charge to all borrowers? Select answer from the options below 36.92 percent 68.57 percent 30.77 percent 28.56 percent
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