What is the annual percentage rate on the loan and, Financial Management

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What is the annual percentage rate on the loan and

Before leaving , mr miller talks about seeing jim , a former school mate , this morning about to enter a payday loan office , it seems that will borrow $4oo today and he must return $500 next week that is seven days from today . mr miller is curious to know the interest rate on such a loan , what is the annual percentage rate on the loan and effective annual rate on the loan.

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