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5. You need $500 to go on a trip with your friends for spring break but you are broke! So, you go to payday

5. You need $500 to go on a trip with your friends for spring break but you are broke! So, you go to payday loans who is willing to lend you $500 for 14 days for $25 for each $100 lent. That sounds okay. Or does it? a. How much interest will you pay for the use of the $500 for the 14 days? b. What is the annual interest rate for this loan?

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