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What is the effective annual rate of interest on the payday

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Question - Your brother Aayan just borrowed $905 from a payday loan company. He needs to repay the loan 10 days from now. He will repay a total of $994. What is the effective annual rate of interest on the payday loan? Your answer should be recorded as a percentage and it should be accurate to two decimal places. Therefore 0.14368329 would be recorded as 14.37.

Reference no: EM133088133

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