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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 $34e for a two-week

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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"e" for a two-week 5220 payday loan (when you repay the loan, you pay $254). What is the offective annual interest rate for this loan? (Ansume 26 bil weekly periods per you) The effective annual interest rate is 1% (Round to two decimal places.)

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