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Problem 2 6 Points (1a. = 4, 1b. = 2) You need a quick loan and decide to use the local "payday" loan office. The loan is for $550 and you pay it back 9 days later. You end up paying them back $675. Assume the company compounds interst on a DAILY basis.. 1a. What is the effective interst rate per year? PV FV NPER Rate Per day 5 | 1b. What would you owe if you kept the money for 1 year? DIA