What is the effective annual return friendlys earns, Financial Accounting

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What is the effective annual return friendlys earns

Problem

Friendly's Quick Loans incorporated offers you $4.60 for $5.60 or I knock on your door. This means you get $4.60 today and repay $5.60 when you get your pay check in one week (or else).

1) If you were brave enough to ask, what APR. would Friendly's say you were paying?
2) What's the effective annual return Friendly's earns on this lending business?

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Financial Accounting: What is the effective annual return friendlys earns

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