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Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,200 today and repay $1,392 in two weeks. What is

Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,200 today and repay $1,392 in two weeks. What is the compound annual rate implied by this 16 percent rate charged for only two weeks?

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