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A pay-day lender charges $15 to borrow $1000 for a month, that is you need to pay back $1,015 in a month. What is the

A pay-day lender charges $15 to borrow $1000 for a month, that is you need to pay back $1,015 in a month. What is the effective annual interest rate? Group of answer choices

15%

19.88%

19.56%

12%

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