Lenny Loanshark charges “1.02 points” per week (that is, 1.02% per week) on his loans. What...
Lenny Loanshark charges “1.02 points” per week (that is, 1.02% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate?
Homework Answers
Annual percentage rate = Weekly Rate * Number of weeks in a year
APR = 1.02% * 52
APR = 53.04%
Effective Annual rate = (1 + Weekly Rate)No of weeks in year - 1
EAR = (1 + 1.02%)52 - 1
EAR = 1.6951 - 1
EAR = 0.6951
EAR = 69.51%
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