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A payday loan business in town advances short - term loans. The following advertisement appeared in the local newspaper. Borrov $ 2 0 0 now

A payday loan business in town advances short

-

term loans. The following advertisement appeared in the local newspaper. "Borrov $

200

now and payback $

203

in two weeks."

Determine the annual interest rate for this transaction. You can use the text area below to show your solution or develop a Word or Excel solution.

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