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A payday lender offers 7 day loans at 5.8% discount interest per week. For example, if you borrow $100, you only recelve $94.2 initially and

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A payday lender offers 7 day loans at 5.8% discount interest per week. For example, if you borrow $100, you only recelve $94.2 initially and must pay back $100 after 7 days. Attempt 1/3 for 10 pts. What is the effective annual rate on the loan? Attempt 1/3 for 10 pts. What is the APR on the loan

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