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A payday loan is structured to obscure the true interest rate you are paying. For...

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Accounting

A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $31 "fee" for a two-week $195 payday loan (when you repay the loan, you pay
$226). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.)
The effective annual interest rate is %.(Round to two decimal places.)
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