According to the article payday loans carry interest rates, Ask an Expert

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According to the article, payday loans carry interest rates of around 400%.

Suppose Tess agrees to pay $300 from her next paycheck that she will receive in one month subject to a yield to maturity of 400%. How much does she borrow?

Round to the nearest dollar, but do not enter a '$' sign.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92795576

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