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A late penalty of 10% will apply to new answers. A payday lender offers 7 day loans at 4% discount interest per week. For example,

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A late penalty of 10% will apply to new answers. A payday lender offers 7 day loans at 4% discount interest per week. For example, if you borrow $100, you only receive $96 initially and must pay back $100 after 7 days. Part 1 Attempt 1/10 for 9 pts What is the effective annual rate on the loan? What is the APR on the loan

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