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Payday loan. The basic process of a payday loan involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday.

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Payday loan. The basic process of a payday loan involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday. Assume that you borrow $100 for a week and the lender asks you to pay $8 for the interest and the principle $100 at the end of the week. What is equivalent APR

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