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Payton needs money today, so he decides to take out a loan for $511 with a payday lender. The lender expects the money back in

Payton needs money today, so he decides to take out a loan for $511 with a payday lender. The lender expects the money back in 3 weeks with a fee of $61. What is the APR of this loan? Please assume there are 52 weeks in a year.

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