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Problem 19 Intro Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,020 one week later (or lose a

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Problem 19 Intro Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,020 one week later (or lose a finger or two). Part 1 What is the effective annual rate on the loan? 2+ decimals Submit Part 2 What is the APR on the loan? 2+ decimals Submit Attempt 1/10 for 10 pts. Attempt 1/10 for 10 pts

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