Question: You need a quick loan and decide to use the local payday loan office. The loan is for $400 and you pay it back 1

You need a quick loan and decide to use the local "payday" loan office. The loan is for $400 and you pay it back 1 week later (7 days). You end up paying them back $575. Assume the company compounds interest on a DAILY basis.. 1a. What is the effective interst rate per year? 1b. What would you owe if you kept the money for 1 year?

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