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A local loan shark offers 4 for5 on payday. What it involves is that you borrow $4 from him and repay $5 onthe next payday (one week later). What would the stated annual interest rate beon this loan, with weekly compounding? If there is 52 weeks in one year,calculate the effective annual interest rate on this loan.

A. 25%;1,300%.

B. 25%;300%.

C. 1,300%;10,947,544%.

Solution: C

StatedWeekly Rate= 5/4 ? 1 = 25%

StatedAnnual Rate = 1,300%

AnnualEffective Interest Rate = (1 + 0.25)52 ? 1 = 109,476.44 ? 1 = 10,947,544%

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