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Posted on Aug 13, 2024

A payday loan company charges a $ 4 5 fee for a $ 4 5 0 payday loan that will be repaid in 1 6

A payday loan company charges a $

45

fee for a $

450

payday loan that will be repaid in

16

days.

Treating the fee as interest paid, what is the equivalent annual interest rate?

%

interest Round to the nearest percent. This will be over

100 %

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