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17. Payday loan: Roger desperately needs to borrow $200 for a period of 4 weeks. He looks on the internet and finds a short-term lender

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17. Payday loan: Roger desperately needs to borrow $200 for a period of 4 weeks. He looks on the internet and finds a short-term lender called Wesawucoming.com.au. The terms of the loan appear very generous: $1 application feee $1 cash advance fee- $20 administration fee for each week that the loan is outstanding. a. What is the total fee for the 4-week loan? b. What is the fee in part a. expressed as a percentage of the amount borrowed? c. If Roger repays the loan after 4 weeks and renews the loan every 4 weeks, what is the effective annual interest cost in percentage terms

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