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

 

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4. Payday loans are very short-term loans that charge very high interest rates. You can borrow $650 today and repay $700 in 10 days. What is the compound annual rate implied by this percent rate charged for only 10 days? | 4. Payday loans are very short-term loans that charge very high interest rates. You can borrow $650 today and repay $700 in 10 days. What is the compound annual rate implied by this percent rate charged for only 10 days? |