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Home / Questions / You borrow $1000 from a payday lending company and pay $20 interest for one month. What is...

You borrow $1000 from a payday lending company and pay $20 interest for one month. What is the effective rate

You borrow $1,000 from a payday lending company and pay $20 interest for one month. What is the effective rate?

  a.

0.27%

  b.

26.82%

  c.

24%

  d.

126.82%

Aug 17 2020 View more View Less

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