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Alphonse takes out a payday loan of $400, to be repaid in full on his next payday in two weeks plus $50 in interest. If

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Alphonse takes out a payday loan of $400, to be repaid in full on his next payday in two weeks plus $50 in interest. If he pays the loan back in time, what is the EAR on the payday loan? Assume a 52 week year and compounding every two weeks. 3,239.40% 2,037.79% 1,422.25% 300.00%

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