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Homework answers / question archive / Sam is expecting a $1,400 paycheck in 7 days

Sam is expecting a $1,400 paycheck in 7 days

Finance

Sam is expecting a $1,400 paycheck in 7 days. A payday lender offers to give him cash now for this check. The lender's fee is 1.75% of the amount of the paycheck, plus a $10 service fee. Find the simple discount rate.

 

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