Question: Please note decimal places, thanks! A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay

Please note decimal places, thanks!

Please note decimal places, thanks! A payday loan is structured to obscure

A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "fee" for a two-week $215 payday loan (when you repay the loan, you pay $241). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is %. (Round to two decimal places.)

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