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You know that for a 'payday loan' finance charge may be computed by: Finance charge = N o m i n a l r a
You know that for a 'payday loan' finance charge may be computed by:
Finance charge account balance owed
Nonetheless, you borrow $ for days, and commit yourself to paying back $ in two weeks. Note: year days What is the nominal rate of such a loan?
a
b
c
d
NOTE: Rounding or approximation up to to is allowed.
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