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ruslelena [56]
2 years ago
14

Your local pawn shop loans money at an annual rate of 23 percent and compounds interest weekly. What is the actual rate being ch

arged on these loans? A. 26.56 percent B. 25.16 percent C. 26.49 percent D. 25.80 percent
Business
1 answer:
Eddi Din [679]2 years ago
6 0

Answer:

D. 25.80 percent

Explanation:

The formula to compute the effective annual rate of the loan is shown below:

= (1 +  annual interest rate ÷ periods)^ number of period - 1

= (1 + 23% ÷ 52)^52 - 1

= (1 + 00442)^52 - 1

= 1.00442^52 - 1

= 1.2579618615  - 1

= 25.80%

There are 52 weeks in a year and we considered the same in the above calculation

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