You are short cash at the end of the month and decide to go to a payday lending business located at a nearby strip mall. using the paycheck you expect to receive next week as collateral. the lender will give you a short-term loan of $200 for one week, then expects repayment of the $200 plus 20 deducted from the paycheck. what is the nominal annual interest rate? (520% per year) .
At an interest rate of 2% per month, money will double in value in how many months? (35 months)