The Premier Car Title Loan Company makesemergency loans of
Chapter 4, Problem 4.15(choose chapter or problem)
The Premier Car Title Loan Company makesemergency loans of up to $500 for 1 month for a fee of 4% of the loan amount. If a person borrows$500, what is (a) the nominal interest rate per year,and (b) the effective rate per year?
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