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LoanShark Payday Lending is running a discount special offering 10% loans to their best customers. LoanShark will give you $100 today in exchange for your
LoanShark Payday Lending is running a discount special offering 10% loans to their best customers. LoanShark will give you $100 today in exchange for your check in the amount of $110 that will be cashed in ten days. What is the Effective Annual Rate (EAR) on this loan?
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