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You borrow $1,000 from a payday lending company and pay $20 interest for one month. What is the effective rate? a. 0.27% b. 26.82% c.
You borrow $1,000 from a payday lending company and pay $20 interest for one month. What is the effective rate?
| a. | 0.27% | |
| b. | 26.82% | |
| c. | 24% | |
| d. | 126.82% |
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Cornerstones Of Financial Accounting
Authors: Bertrand Piccard, Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Nick Jones
1st Edition
0324657730, 9780324657739
