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4. A payday loan is a? short-term loan that is repaid on the next? payday, often by giving the lender electronic access to a personal checking account. Some states have statutes that regulate the fees that may be charged for payday loans. Suppose? that, in a certain? state, finance charges on a payday loan may not exceed 17.7?% of the amount advanced. Find the annual interest rate if ?$300 is borrowed for 11 days at the maximum allowable charge.

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