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What is the effective interest rate per year

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Question - You need a quick loan and decide to use the local "payday" loan office. The loan is for $750 and you pay it back 11 days later. You end up paying them back $950. 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: EM133026617

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