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LoanShark Payday Lending is running a discount special offering “2% loans” to the top 2% of...

LoanShark Payday Lending is running a discount special offering “2% loans” to the top 2% of their customers. LoanShark will give you $100 today in exchange for your check in the amount of $102 that will be cashed in five days. What is the Annual Percentage Rate (APR) on this loan as required by federal truth in lending disclosure laws?

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Answer #1

We see that the Annual Percentage Rate (APR) on this loan as required by federal truth in lending disclosure laws=(102/100-1)*365/5
=146.0000%

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