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The following question deals with payday loans. Assume the payday loan gets paid back in two weeks (1/26 of a year). At the end of
The following question deals with payday loans. Assume the payday loan gets paid back in two weeks (1/26 of a year). At the end of two weeks, the borrower pays back the loan plus a fee. If the fee on a $200 loan is $20, what is the APR
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