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c. The check-cashing store also makes one-month add-on interest loans at 7.1 percent discount interest per week. Thus if you borrow $60 for one month

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c. The check-cashing store also makes one-month add-on interest loans at 7.1 percent discount interest per week. Thus if you borrow $60 for one month (four weeks), the interest will be (560 x1.0714) 60 $18.94. Because this is discount interest, your net loan proceeds today will be $41.06. You must then repay the store $60 at the end of the month. To help you out, though, the store lets you pay off this $60 in installments of $15 per week. What is the APR of this loan? What is the EAR? (Round your answers to 2 decimal places. (e.g, 32.16)) Annual percentage rate Effective annual rate

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