Alyssa needed $1,000 quickly - she decided to get a payday loan. The loan terms for receiving $1,000 today and due in 14 days (two weeks) are:

Lender Interest: $3.81 (10% Per Annum)

CSO Fee: $250 ($25 per $100 borrowed)

APR: 661.71% (Only applies if Alyssa passes the 14 day period)

Calculate the effective rate of return using the equation below; must provide N, I/Y, PV, PMT, FV values:

PEAR = (1 + "simple ) "-1.0 = (1 + rPER)"- 1.0 PEAR = (1 + "simple ) "-1.0 = (1 + rPER)"- 1.0