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A payday loan company charges a $90 fee for a $700 payday loan that will be repaid in 10 days. Treating the fee as interest
A payday loan company charges a $90 fee for a $700 payday loan that will be repaid in 10 days.
Treating the fee as interest paid, what is the equivalent annual interest rate? Assume bankers rules of 360 days in a year.
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