Payday lender in Boone: Within 2 weeks of my next paycheck I can come in and (if I qualify), write a check to them for $117.50 and receive $100 cash at that time. Then, when I get paid, I bring $117.50 in cash to their office and buy back my check. If I don't show up, they deposit my check, and if it bounces I will owe "returned check charges", plus the amount, and then on to a collection agency with potential civil charges if I don't pay. What is the annual rate?
a) 17.5%
b) 24%
c) 117.5%
d) 455%
e) none of the above