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Nina [5.8K]
3 years ago
10

Student Emergency Financial Services, Inc., which makes small loans to college students, offers to lend $550. The borrower is re

quired to pay $42 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year
Business
1 answer:
Step2247 [10]3 years ago
7 0

Answer:

Interest per week=17.4%

Explanation:

Using equation

F=P(1+i)^n

where n is the time period,P is the present value and F is the future value

Given F=550,P=42 and n=16 solving equation we will get

i=17.4%

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