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an engineering firm has to borrow funds to pay your 16 weeks co-op salary for the summer. the firm borrows $500 from a bank that

an engineering firm has to borrow funds to pay your 16 weeks co-op salary for the summer. the firm borrows $500 from a bank that requires them to make a weekly payment of $40 to pay off the loan. (a). what is the weekly interest rate? (b). what is the nominal annual interest rate? (c). what is the effective annual interest rate?

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