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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 $34 oe 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 $34 "oe" for a two-week 5220 payday loan (when you repay the loan you pay $254). What is the effective anual interest rate for this loan? (Assume 26 blweekly periods per year.) The effective annual interest rate is 1%. (Round to two decimal places)

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