Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today

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Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $590 in two weeks. What is the compounded annual rate implied by this 18 percent rate charged for only two weeks?

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Finance Applications and Theory

ISBN: 978-0077861681

3rd edition

Authors: Marcia Cornett, Troy Adair

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Question Posted: Sep 23, 2014 10:27 AM

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Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today

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Finance Applications and Theory

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