Payday loans are very short-term loans that charge very high interest rates. You can borrow $375 today and repay $435 in two weeks. What is the compounded annual rate implied by this 16 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Compounded annual rate %

Payday loans are very short-term loans that charge very high interest rates You can borrow $375 today and repay $435 in fwo weeks What is the compounded annual rate implied by this 16 percent rate charged for only two weeks? (Hint Compound the 2 week return 26 times for the annual retum.) Note: Do not round intermediate calculations and round your final answer to 2 decimal places