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4.15) The Premier Car Title Loan Company makes emergency loans of up to 50%% for 1 month for a fee of 45 of the loan

4.15) The Premier Car Title Loan Company makes emergency loans of up to 50%% for 1 month for a fee of 45 of the loan amount. If a person borrows $500, what is ( a) the nominal interest rate per year b) the effective rate per year

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