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Question #14: Fred Fireman has terrible credit. Freds only opportunity to borrow money is to go to the VERY EXPENSIVE Quick Loan Company. VERY EXPENSIVE

Question #14: Fred Fireman has terrible credit. Freds only opportunity to borrow money is to go to the VERY EXPENSIVE Quick Loan Company. VERY EXPENSIVE Quick Loan Company offers pay-day loans. The terms of the loan are that they will loan Fred $1,000 on Friday, but he has to re-pay the loan one week later (a one-week loan) by paying back $1,250.

Required: a) What is the Weekly interest rate the VERY EXPENSIVE Quick Loan Company is charging?

b) What is the APR that VERY EXPENSIVE Quick Loan Company is charging?

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