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You borrow $800 from a payday lending company and pay $10 interest for two weeks. What is the nominal annual interest rate? a. 32.5% b.

You borrow $800 from a payday lending company and pay $10 interest for two weeks. What is the nominal annual interest rate?

	a.	32.5%
	b.	3.25%
	c.	38.12%
	d.	1.25%

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