MoneyHungry Limited $($MHL$)$ offers $$1,000$ loans for up to $15$ days for a flat fee of $5\%$ of the principal due at the time of lending. TakeAdvantage Inc $($TAI$)$ also offers $$1000$ loans. It charges $$40$ administrative fee at the time of lending, and interest rate of $56\%$ per year. To make it easier for the customers TAI divides interest and principal into $52$ equal weekly installments. Thus on a $$1,000$ loan a customer pays $(1,000(1\mathrm{.}56)/52)=$ $$30\mathrm{.}00$ every week. What effective annual interest rate each lender is charging. Which lender would you borrow from, if you need money for one year?MoneyHungry Limited $($MHL$)$ offers $$1,000$ loans for up to $15$ days for a flat fee of $5\%$ of the principal due at the time of lending. TakeAdvantage Inc $($TAI$)$ also offers $$1000$ loans. It charges $$40$ administrative fee at the time of lending, and interest rate of $56\%$ per year. To make it easier for the customers TAI divides interest and principal into $52$ equal weekly installments. Thus on a $$1,000$ loan a customer pays $(1,000(1\mathrm{.}56)/52)=$ $$30\mathrm{.}00$ every week. What effective annual interest rate each lender is charging. Which lender would you borrow from, if you need money for one year?