Simple interest loan instead of simple discount loan

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A payday lender offers Tom $1200 in exchange for his $1217.52 paycheck, which he is expecting soon.

a. If the simple discount rate is 65.65%, in how many days is Tom expecting his paycheck

b. If we view the transaction as a simple interest loan instead of a simple discount loan, what is the simple interest rate?

Reference no: EM131910295

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