Effective interest rate being paid for this emergency cash

Effective interest rate being paid for this emergency cash

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Reference no: EM131997740

Anissa obtained emergency cash (of $500) from a payday lender that charges 5% in fees (on principal) for a two-week loan that is repaid within two weeks. What is the effective interest rate being paid for this emergency cash? Assume 52 weeks per year.

Reference no: EM131997740

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