Question

You head over to Check-N-Go for a quick loan. The loan is for $500 and you pay it back two weeks (14 days) later. You end up paying them back $725. Assume the company compounds interest on a Weekly basis.
1a. What is the effective interest rate per year?
1b. What would you owe if you kept the money for 1 year?

Answer 1

Explanation:

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Answer 2

Answer:

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