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(Calculating an EAR) Payday loans issued by banks are often referred to as direct deposit advances. In early 2013, the average direct deposit advance charged

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(Calculating an EAR) Payday loans issued by banks are often referred to as "direct deposit advances." In early 2013, the average direct deposit advance charged $14 for a $100 advance and was due in 8 days. What is the effective annual rate on this type of loan? The EAR on the payday loan is %. (Round to two decimal places.)

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