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Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,700 today and repay $1,972 in two weeks.

Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,700 today and repay $1,972 in two weeks. What is the compound annual rate implied by this 16 percent rate charged for only two weeks? 19.20% 16.20% 17.25% 4,641.41%

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