Quick Loans will loan you $500 with the understanding that you will repay them $598 in two weeks. What is the APR for this loan? Round your answer to the nearest whole percent, but do not include a % with your response.

Quick Loans will loan you $500 with the understanding that you will repay them $598 in two weeks. What is the APR for this loan? Round your answer to the nearest whole percent, but do not include a % with your response.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.

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Quick Loans will loan you $500 with the understanding that you will
repay them $598 in two weeks. What is the APR for this loan?
Round your answer to the nearest whole percent, but do not include a %
with your response.

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