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Consider a payday loan office. They charge a payment of a payment of $20 for a two-week loan of $200. a. What is the period

Consider a payday loan office. They charge a payment of a payment of $20 for a two-week loan of $200.

a. What is the period specific interest rate?

b. What would be the APR quote of this rate? What is the EAR of this rate

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