Answer all questions in detail and show all calculations

A person is facing financial hardship and needs to come up with $1,500 immediately to pay for necessary expenses. Unfortunately, this person has no emergency savings and bad credit record (in short, bad with money). To go through this challenge, a subprime loan is obtained according to the following contract terms: 1. Borrow $500 for only $10 per week. 2. Can borrow multiples of $500. 3. At the end of the week, pay back $510. 4. If the $510 is not paid, then this amount becomes new debt and a new weekly cycle starts over with the debt now being $510. 5. Each new weekly cycle will add an interest of 2.0% 6. This "rolling debt" mechanism described in articles 4 and 5 can be repeated infinitely. This person borrowed $1,500 according to the previous terms. [a] How much should be paid back if the loan is repaid after one week? [b] What is the weekly interest rate implied in article 3 in the contract? (c] How much should be paid back if the loan is repaid after 16 weeks? [d] What is the annual effective interest rate on this loan? Hint: You need to read carefully article 3 to decide on your own how often compounding takes place. The question already gives you the compounding period indirectly