Payday loans are very short-term loans that charge very, Finance Basics

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Payday loans are very short-term loans that charge very

Question: Payday loans are very short-term loans that charge very high interest rates. You can borrow $325 today and repay $390 in two weeks. What is the compounded annual rate implied by this 20 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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Finance Basics: Payday loans are very short-term loans that charge very

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