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1. Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $575 in two weeks. What

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1. Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $575 in two weeks. What is the compound annualrate implied by this 15 percent rate charged for only two weeks

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