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The Business of Lending to the Masses
For example, say you lend me $100 today and charge me $1 in interest:
— If I pay you back in one year, the APR is 1%
— If I pay you back in one month, the APR is 12%
— If I pay you back tomorrow, the APR is 365%
— If I pay you back in an hour, the APR is 8760%
Same dollar in interest, vastly different APRs.
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