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Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $300 today and repay $360 in two weeks.

Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $300 today and repay $360 in two weeks. What is the compound annual rate implied by this 20 percent rate charged for only two weeks?

Multiple Choice

11,347.55%
24.00%
21.00%
22.05%

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