What the effective annual return friendly earns

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Friendly's Quick Loans, Inc., offers you $8.25 today but you must repay $14.50 when you get your paycheck in one week (or else). What's the effective annual return Friendly's earns on this lending business? I know the APR is 3939.39393939%

Reference no: EM13296201

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What the effective annual return friendly earns : Friendly's Quick Loans, Inc., offers you $8.25 today but you must repay $14.50 when you get your paycheck in one week (or else). What's the effective annual return Friendly's earns on this lending business? I know the APR is 3939.39393939%
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