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Quick Money, LLC offers pay loans. The firm charges a $10 interest fee for a two-week period on a $300 loan. What are the nominal
Quick Money, LLC offers pay loans. The firm charges a $10 interest fee for a two-week period on a $300 loan. What are the nominal an effective annual interests rates on this loan? a. Nominal Interest Rate = 86.66% per year, Effective Interest Rate = 134.4% per year. b. Nominal Interest Rate = 43.33% per year, Effective Interest Rate = 67.2% per year. c. Nominal Interest Rate = 178.3% per year, Effective Interest Rate = 268.8 per year c. Nominal Interest Rate = 21.67% per year, Effective Interest Rate = 33.6% per year
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