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A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 Yee for a

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A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "Yee" for a two-week $215 payday loan (when you repay the loan, you pay $241). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is 1% (Round to wo decimal places.)

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