Problem 6.22 – Calculation of Effective Annual Return EAR and APR for Friendly’s Quick Loans, Inc.

Fundamentals of Corporate Finance

Ross, Westerfield, and Jordan

13th Edition

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What is the effective annual return earned by Friendly's Quick Loans, Inc. on their lending business that offers a loan? Additionally, what would be the APR claimed by Friendly's? Calculate the effective annual return and the annual percentage rate.

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