A payday lender offers tom 1200 in exchange for his 121752, Ask an Expert

Finance

A payday lender offers Tom $1200 in exchange for his $1217.52 paycheck, which he is expecting soon.

a. If the simple discount rate is 65.65%, in how many days is Tom expecting his paycheck

b. If we view the transaction as a simple interest loan instead of a simple discount loan, what is the simple interest rate?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92748961

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