Payday Loans Are Very Short-Term Loans That Charge Very High

Payday loans are very short-term loans that charge very high interest rates. You can borrow $550 today and repay $675 in two weeks. What is the compounded annual rate implied by this 22.73 percent rate charged for only two weeks?

A) 25.40 percent
B) 204.45 percent
C) 2,044.56 percent
D) 20,445.61 percent