icquiz13spring2010solution

icquiz13spring2010solution - PV = 20 N = 1 FV = -25 CPT I/Y...

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Name IN CLASS QUIZ #1 Susie had to borrow $20 from her friend Jackie. Jackie said she would expect to be paid back $25 next month. What APR is Jackie charging Susie?
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Unformatted text preview: PV = 20 N = 1 FV = -25 CPT I/Y => I/Y = 25% => APR = 12 * 25% => APR = 300%...
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