Intro A payday lender offers 7 day loans at 4.6% discount interest per week. For example, if you borrow $100, you only receive $95.4 initially and must pay back $100 after 7 days. Part 1 What is the effective annual rate on the loan? 1+ decimals Submit Part 2 What is the APR on the loan? 2+ decimals Submit Attempt 2/10 for 9 pts. Attempt 1/10 for 10 pts.

Intro A payday lender otfers 7 day loans at 4.6% discount interest per week. For example, if you borrow $100, you only recelve $95.4 initially and must pay back $100 after 7 days. Part 1 Attempt 2/10 for 9pts : What is the eflective annual rate on the loan