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A friend of yours borrowed $200 from a payday lender. They have to pay $75.00 each month for the next 4 months to pay off

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A friend of yours borrowed $200 from a payday lender. They have to pay $75.00 each month for the next 4 months to pay off the debt. What is the monthly interest rate for this loan? Answer in percent and basis points. (ie. if your answer was 12.34% then put 12.34, not 0.1234)

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