A payday loan provides short-term loans ranging from ($ 250) to ($ 2,000). In Problems 47-50, assume
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A payday loan provides short-term loans ranging from \(\$ 250\) to \(\$ 2,000\). In Problems 47-50, assume the cost of the loan is \(\$ 1.00\) per day per \(\$ 100\) borrowed until the loan is repaid.
What is the APR for a \(\$ 500\) payday loan that is repaid in five days?
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