What is the nominal interest rate on the loan, Microeconomics

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What is the nominal interest rate on the loan

Problem

The local loan shark will loan a person $1000 if the person agrees to repay the loan in two weeks with a payment of $1020. What is the nominal interest rate on this loan? The effective interest rate?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What is the nominal interest rate on the loan

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