Compound frequency payday loans are very short-term loans

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Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $600 today and repay $702 in two weeks. What is the compound annual rate implied by this 17 percent rate charged for only two weeks?

20.40% 18.45% 5,826.97% 17.40%

Reference no: EM131572836

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