Calculating an APR and EAR​) ​You're in need of some money​ fast, and rather than ask your folks for​ help, you've decided to look into a payday loan. At a payday loan shop right near your school you see that you can borrow ​$600 and repay ​$668 in 19 days. What are the APR and the EAR on this payday​ loan?       a. What is the APR on this payday​ loan?   nothing​% ​(Round to two decimal​ places.)

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
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​(Calculating
an APR and
EAR​)
​You're in need of some money​ fast, and rather than ask your folks for​ help, you've decided to look into a payday loan. At a payday loan shop right near your school you see that you can borrow
​$600
and repay
​$668
in
19
days. What are the APR and the EAR on this payday​ loan?
 
 
 
a. What is the APR on this payday​ loan?
 
nothing​%
​(Round to two decimal​ places.)
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