Friendly's Quick Loans, Inc., offers you $6.00 today but you must repay $7.85 when you get your paycheck in one week (or else). Requirement 1: If you were brave enough to ask, what APR would Friendly's say you were paying? (Round answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Annual percentage rate %

Friendly's Quick Loans, Inc., offers you $6.00 today but you must repay $7.85 when you get your paycheck in one week (or else). Requirement 1: If you were brave enough to ask, what APR would Friendly's say you were paying? (Round answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)