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Question 9 (3.3 points) Payday loans are short-term loans that charge very high interest rates. Suppose Roy can borrow a payday loan of $500 today

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Question 9 (3.3 points) Payday loans are short-term loans that charge very high interest rates. Suppose Roy can borrow a payday loan of $500 today and repay $560 in two weeks. What is the EAR implied by this 12% rate charged for the two weeks (assuming 52 weeks per year)? OA) 1191.82% OB) 1091.82% C) 1804.01% OD) 1904.01%

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