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. 2. Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $225 in two weeks.

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. 2. Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $225 in two weeks. What is the compound annual rate implied by this 12.5 percent rate charged for only two weeks

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