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What is the effective interest rate per year

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Problem - You need a quick loan and decide to use the local payday loan office. The loan is for $550 and you pay it back 9 days later. You end up paying them back $675. Assume the company compounds interest on a DAILY basis.

a. What is the effective interest rate per year?

b. What would you owe if you kept the money for 1 year?

Reference no: EM132927872

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