Question: Friendlys Quick Loans, Inc., offers you Three for Four, or I knock on your door. This means you get $3 today and repay $4 when

Friendlys Quick Loans, Inc., offers you Three for Four, or I knock on your door. This means you get $3 today and repay $4 when you get you paycheck in one week (or else we break your legs). What is the effective annual return Friendlys earn on this lending business? If you are brave enough to ask, what APR would Friendlys say you are paying?

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