Question: You need a quick loan and decide to use the local payday loan office. The loan is for $550 and you pay it back 9

You need a quick loan and decide to use the local "payday" loan office.
The loan is for $550 and you pay it back 9 days later.
You end up paying them back $675.
Assume the company compounds interest on a DAILY basis.
1a. What is the effective interest rate per year?
1b. What would you owe if you kept the money for 1 year?

Can someone show in excel?

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