Multiple Choice
Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $200 today and repay $250 in two weeks. What is the compound annual rate implied by this 25 percent rate charged for only two weeks?
A) 26.60%
B) 32,987.22%
C) 30.00%
D) 128.25%
Correct Answer:
Verified
Correct Answer:
Verified
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