Payday loans are very short-term loans

Reference no: EM131012939

Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $300 in two weeks. What is the compounded annual rate implied by this 20 percent rate charged for only two weeks?

Reference no: EM131012939

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Payday loans are very short-term loans : Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $300 in two weeks. What is the compounded annual rate implied by this 20 percent rate charged for only two weeks?

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