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Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $210 in one week. What is

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Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $210 in one week. What is the effective annual rate (EAR) implied by this 5 percent rate charged for only one week? 14,104% 45,602% 4,198% None of these are correct. 1,164%

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