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One more step.
We divide 365 days by 14 days to get 26. 0714. We then multiply this by the interest rate for two weeks of 23 to get a simple annual percentage rate of 599. 64 percent. Lets see another example: Lets say you were borrowing 200 with a cost of borrowing of forty-four dollars and youre only borrowing for 10 get cash advance on sunday. The rate for the period is forty-four dollars divided by two hundred dollars or 22-percent. The period is 10 days.
To figure out the simple annual percentage rate, we need to multiply 22 percent per ten days by the number of ten day periods in a year, which is given by 365 days divided by ten days or 36.
Now, we simply take twenty two percent and multiply by 36. This gives us a simple annual percentage rate of 803 percent.