Question: You take a $1,200 post-dated check to a PayDay lender. The lender charges you an $8 application fee and loans you $1,195 that day. The

You take a $1,200 post-dated check to a PayDay lender. The lender charges you an $8 application fee and loans you $1,195 that day. The check matures seven (7) days after you allow the lender to possess it. What is the APR for this loan if you only use this service one time? What is the APR (and APY) if you use this service over and over such that you repeated 52 times in the year?

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