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What is the effective annual return friendlys

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Reference no: EM133123061

Friendly's Quick Loans, Inc., offers you $6.00 today but you must repay $8.15 when you get your paycheck in one week (or else).

a.) What is the effective annual return Friendlys earns on this lending business?

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

Reference no: EM133123061

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