What is the ten-day interest rate implied by the loan

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Reference no: EM131870985

Jack borrows $80 from a payday lender. After ten days, Jack must repay $111.20, which includes a “fee”. Assume 360 days per year

a. What is the 10-day interest rate implied by the loan?

b. What is the implied APR?

c. What is the implied EAR?

Reference no: EM131870985

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