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What is effective annual rate

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Reference no: EM132392675

You have Just received an advertisement from coleone inc, A paycheck loan service. Coleone will charge you a fee of 5% for a two week loan (i.e.if you borrow $100,you must repay $105 in two week's time). Assuming a 52 week year. What is effective annual rate that coleone charge(rounded to the nearest whole percent)?

Reference no: EM132392675

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