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QUESTION
Reputable Payday Loans (RPL) quoted Joe three loan arrangements for a $1,000 loan. The first is to pay back the loan in equal weekly payments .5%...
A third option is to pay it back in equal monthly payments at 2% monthly interest. Compounding of interest is weekly, semi-monthly and monthly respectively for each arrangement What is the annual percentage rate for each alternative? What is the effective percentage rate for each arrangement?
