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Intro A payday lender offers 7 day loans at 5.4% discount interest per week. For example, if you borrow $100, you only receive $94.6 initially

Intro A payday lender offers 7 day loans at 5.4% discount interest per week. For example, if you borrow $100, you only receive $94.6 initially and must pay back $100 after 7 days. Part 1 What is the effective annual rate on the loan? 1+ decimals Submit Part 2 What is the APR on the loan? 2+ decimals Submit Attempt 1/3 for 10 pts. Attempt 1/3 for 10 pts.
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Intro A payday lender offers 7 day loans at 5.4% discount interest per week. For example, if you borrow $100, you only receive $94.6 initially and must pay back $100 after 7 days. Part 1 Attempt 1/3 for 10 pts. What is the effective annual rate on the loan? Part 2 Attempt 1/3 for 10 pts. What is the APR on the loan

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