What apr would friendly say you were paying

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Reference no: EM13271838

Friendly's Quick Loans, Inc., offers you $8.25 today but you must repay $10.45 when you get your paycheck in one week (or else).

a.) What is the effective annual return Friendly's earns on this lending business?

b.) If you were brave enough to ask, what APR would Friendly's say you were paying?

Reference no: EM13271838

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