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Friendlys Quick Loans, Inc. offers you $4.25 today but you must repay $5.75 when you get your paycheck in one week (or else). What is
Friendlys Quick Loans, Inc. offers you $4.25 today but you must repay $5.75 when you get your paycheck in one week (or else). What is the effective annual return Fridays earns on this lending business?
Effective annual return ___
If you were brave enough to ask, what APR would Friendlys say you were paying ?
Annual percentage rate ____
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