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Business, 22.10.2020 22:01 Emptypockets451

One coffee shop business in TX borrowed $3,000 and was scheduled to pay back $3,330 by paying 11% of its credit card receipts each day until $3,400 paid in full. Average sales were $2,000, so business paid Square $220 per day (2kx11%). It took business 16 days to pay back the loan. Was effective interest rate charged equal to 11% (or bigger/smaller)? a. Yes
b. No

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One coffee shop business in TX borrowed $3,000 and was scheduled to pay back $3,330 by paying 11% of...
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