Multiple Choice
Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $550 in two weeks. What is the compound annual rate implied by this 10 percent rate charged for only two weeks?
A) 10.50%
B) 12.00%
C) 1091.78%
D) 110.50%
Correct Answer:
Verified
Correct Answer:
Verified
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