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A late penalty of 10% will apply to new answers. Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back

A late penalty of 10% will apply to new answers. Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,040 one week later (or lose a finger or two). Attempt 1/10 for 9 pts. What is the effective annual rate on the loan? Attempt 1/10 for 9 pts. What is the APR on the loan

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