What is the compound annualrate implied by this 16 percent
Compound Frequency
Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,200 today and repay $1,392 in two weeks. What is the compound annualrate implied by this 16 percent rate charged for only two weeks?
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compound frequencypayday loans are very short-term loans that charge very high interest rates you can borrow 1200 today
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