Check my work Problem 5-61 Effective Interest Rate (L04) 10 points Lenny Loanshark charges 1.01 points per week (that is, 1.01% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) eBook Print References Annual percentage rate Effective annual rate