Question: Before leaving, Mr. Miller talks about seeing Jim, a former schoolmate, this morning about to enter a 'Payday Loan' office. It seems that Jim will

Before leaving, Mr. Miller talks about seeing Jim, a former schoolmate, this morning about to enter a 'Payday Loan' office. It seems that Jim will borrow $400 today and he must return $500 next week, i.e., exactly seven days from today. Mr. Miller is curious to know the interest rate on such a loan. Assume 52 weeks per year

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