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Andre45 [30]
3 years ago
11

your local pawn shop loans money at an annual rate of 24 percent and compounds interest weekly. What is the actual rate being ch

arged on these loans?
Business
1 answer:
Alika [10]3 years ago
6 0

Answer:

27%

Explanation:

The actual rate being charge on these loans is the effective annual rate and the formula to calculate it is:

i=(1+(r/m))^m−1

i= effective annual rate

r= interest rate in decimal form=0.24

m=number of compounding periods per year= 52 (a year has 52 weeks).

i=(1+(0.24/52))^52-1

i=1.27-1

i=0.27

According to this, the answer is that the actual rate being charge on these loans is 27%.

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