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Payday loan are very-short-term loans that charge very high interest rate. You can borrow $125today and repay $175 in two weeks. What is the compounded
Payday loan are very-short-term loans that charge very high interest rate. You can borrow $125today and repay $175 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to the nearest whole percent.)
Compounded annual rate............................
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