What is compounded annual rate implied

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Reference no: EM131591885

Payday loans are very short-term loans that charge very high interest rates. You can borrow $300 today and repay $360 in two weeks. What is the compounded annual rate implied by this 20 percent rate charged for only two weeks? (Do not round intermediate calculations and round your final answer to the nearest whole percent.)

Reference no: EM131591885

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