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What is the effective interest rate

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Question - The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount. The APR (annual percentage rate) is 47%, but the interest is compounded daily. What is the effective interest rate that Marina will actually be paying?

Reference no: EM132941164

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