7. A payday loan establishment gives you $180 today. You write them a check for $200....
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7. A payday loan establishment gives you $180 today. You write them a check for $200. They will hold the check until your next payday in two weeks. What is the APR of this loan? 8. Refer to Problem 7 above. What is the actual cost of the interest on this loan? (That is, what is its EAR? 7. A payday loan establishment gives you $180 today. You write them a check for $200. They will hold the check until your next payday in two weeks. What is the APR of this loan? 8. Refer to Problem 7 above. What is the actual cost of the interest on this loan? (That is, what is its EAR?
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