You are waiting on your paycheck to cash and need some cash. You are considereing one of those Payday loan places even though you know it$$s a bad idesa

The loan is for $$950$ and it will be paid back $16$ days later.

You will have to pay them back $$1600.$

Assume the company compounds every $16$ days.

$2$a$.$ What is the effective interst rate per year?

$2$b$.$ What would you owe if you kept the money for $1$ year?

SOLVE IN EXCEL FORMAT CALCULATION