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26 March, 14:22

A particular payday loan company offers quick, short-term loans using the borrower's future paychecks as collateral. The loan company charges $16 for each $140 loaned for a term of 17 days. Find the APR charged by the payday loan company.

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  1. 26 March, 17:28
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    360/17=21.2

    140/16=8.75

    21.2*8.75=185.5%
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