Discount rate and equivalent simple interest rate

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Reference no: EM132009599

Denarea will receive a $1,043.50 paycheck in 7 days. A payday lender offers to give her cash today for this check for a fee 1 12 % of the check amount. Find (a) the amount of the fee, (b) the amount she will receive, (c) the equivalent simple discount rate, and (d) the equivalent simple interest rate.

Reference no: EM132009599

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