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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 $32 fee 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 $32 "fee" for a two-week $185 payday loan (when you repay the loan, you pay $217). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is %. (Round to two decimal places.)

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