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Intro A payday lender offers 7 day loans at 7.6% discount interest per week. For example, if you borrow $100. you only receive $92.4 initially

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Intro A payday lender offers 7 day loans at 7.6% discount interest per week. For example, if you borrow $100. you only receive $92.4 initially and must pay back $100 after 7 days. Part 1 1. Attempt 1/10 for 10 pts. What is the effective annual rate on the loan? Part 2 - Attempt 1/10 for 10 pts. What is the APR on the loan

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