ayday lender needs to earn an expected 24 percent APR to cover her own costs, and she knows that 35 percent of the loans she makes will never be paid back. Given this information, what is the minimum monthly interest rate the lender must charge to all borrowers? Select answer from the options below 36.92 percent 68.57 percent 30.77 percent 28.56 p

ayday lender needs to earn an expected 24 percent APR to cover her own costs, and she knows that 35 percent of the loans she makes will never be paid back. Given this information, what is the minimum monthly interest rate the lender must charge to all borrowers? Select answer from the options below 36.92 percent 68.57 percent 30.77 percent 28.56 p

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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