Intro

A payday lender offers $7$ day loans at $7\mathrm{.}7\%$ discount interest per week. For example, if you borrow $$100,$

you only receive $$92\mathrm{.}3$ initially and must pay back $$100$ after $7$ days.

Part $1$

What is the effective annual rate on the loan?

Part $2$

What is the APR on the loan?