A payday loan is structured to obscure the true interest rate you are paying. For example, in
Question:
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $33 “fee” for a two-week $200 payday loan (when you repay the loan, you pay $233). What is the effective annual interest rate for this loan?
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To calculate the effective annual interest rate for a payday loan we can use the following formula E...View the full answer
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9781292437156
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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