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payday loans are very shor-term losns that change very high interst rates. you can borrow 1600 today and repay 1872 in two weeks . what

payday loans are very shor-term losns that change very high interst rates. you can borrow 1600 today and repay 1872 in two weeks . what is the compound annual rate implied by this 17 % rate charge for only two weeks?

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