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A payday lender offers 7 day loans at 6.9% discount interest per week. For example, if you borrow $100, you only receive $93.1 initially and

A payday lender offers 7 day loans at 6.9% discount interest per week. For example, if you borrow $100, you only receive $93.1 initially and must pay back $100 after 7 days. Part 1 What is the effective annual rate on the loan? 1+ decimals Submit Attempt 1/10 for 10 pts.

A payday lender offers 7 day loans at 6.9% discount interest per week. For example, if you bortow $100, you only receive $93.1 initially and must pay back $100 after 7 days. Part 1 Altempt 1/10 for 10pts. What is the effective annual rate on the loan

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