Maurice Tutor

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Category > Accounting Posted 21 Aug 2017 My Price 5.00

walk-up customers

75.        Calculating EAR   A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 8 percent interest per week.

a.   What APR must the store report to its customers? What EAR are customers actually paying?

b.   Now suppose the store makes one-week loans at 8 percent discount interest per week (see Problem 60). What’s the APR now? The EAR?

c.    The check-cashing store also makes one-month add-on interest loans at

8 percent discount interest per week. Thus if you borrow $100 for one month (four weeks), the interest will be ($100 3 1.084) 2 100 5 $36.05. Because this is discount interest, your net loan proceeds today will be $63.95. You must then repay the store $100 at the end of the month. To help you out, though, the store lets you pay off this $100 in installments of $25 per week. What is the APR of this loan? What is the EAR?

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Maurice Tutor
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Status NEW Posted 21 Aug 2017 02:08 PM My Price 5.00

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