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Sam has a paycheck for $850 due in 6 days. Becahse he needs the cash now, he discounts this paycheck with a payday lender, who
Sam has a paycheck for $850 due in 6 days. Becahse he needs the cash now, he discounts this paycheck with a payday lender, who charges a fee of 2%. What is the equivalent simple interest rate for this loan?
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Financial Management
Authors: Geoffrey Knott
4th Edition
1403903824, 9781403903822
