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16. An individual borrows $50 from a local short-term lender.The terms of the loan dictate the borrower must repay $60.00 at the end of the

16. An individual borrows $50 from a local short-term lender.The terms of the loan dictate the

borrower must repay $60.00 at the end of the month (one month later.)What is the true effective

annual rate on the loan? [4]

a. 792%b. 240%c. 480%d. 2880%

e. 8916%

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