Check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 7.9 percent interest per week. a. What APR must the store report to its customers? What EAR are customers actually paying? (Round your answers to 2 decimal places. (e. g., 32.16)) Annual percentage rate 410.8 % Effective annual rate 5113.33 % b. Now suppose the store makes one-week loans at 7.9 percent discount interest per week. What’s the APR now? The EAR? (Round your answers to 2 decimal places. (e. g., 32.16))

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.