Question: You need a quick $400 to pay this months cell phone bill. An Indianapolis payday loan company will lend you that amount for one month,

You need a quick $400 to pay this months cell phone bill. An Indianapolis payday loan company will lend you that amount for one month, charging you a fee of only $50 (meaning you pay back $450 in one month). The fee will be due on the day you pay off the loan. Recognizing that the fee is in reality the interest payment: What is the EAR and APR on this loan?

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