What is the effective annual rate on this type of, Financial Management

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What is the effective annual rate on this type of

Calculating EAR on payday loan.

How do you solve this: the average direct deposit advance charged $14 for a $100 advance and is due in 12 days. What is the effective annual rate on this type of loan?

The EAR on the payday loan is_______________%. rounded to 2 decimal places.

Please provide steps on how to solve.

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Financial Management: What is the effective annual rate on this type of

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Financial Management: What is the effective annual rate on this type of

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