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What is the effective interst rate per year

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You need a quick loan and decide to use the local "payday" loan office. The loan is for $400 and you pay it back 1 week later (7 days). You end up paying them back $575. Assume the company compounds interest on a DAILY basis.

Question 1: What is the effective interst rate per year?

Question 2: What would you owe if you kept the money for 1 year?

Reference no: EM132573692

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