1. Payday loans are very short term loans that change very high interest rates. You can borrow $240 today and repay $300 in2 weeks. What is the compounded annual rate implied by this 2t% rate charged for only2 weeks?
The balance sheet is prepared for a specific date and all assets are listed in the following order:
a. highest dollar volume is listed first, followed by successively lower dollar volume
b. lowest dollar volume is listed first, followed by successively higher dollar volumes
c. by order of declining liquidity
d. by order of declining ability to convert quickly to cash and with minimal loss
e. c and d are correct
2. Suppose the exchange rate between U.S. dollars and Swiss francs is SF 1.097 = $1.00, and the exchange rate between the U.S. dollar and the euro is $1.00 = 1.0302 euros. What is the cross-rate of Swiss francs to euros (SF/Euro)?