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Pirate Finance will loan you money on a five-for-six arrangement; i.e., for every 5$ you borrow today, you pay $6 back on payday, which is

Pirate Finance will loan you money on a five-for-six arrangement; i.e., for every 5$ you borrow today, you pay $6 back on payday, which is two weeks from now. What is the annual percentage rate (APR) of this loan? What is the effective annual rate (EAR)?

the solutions are: 520%, 11,348%, Can you provide a step-by-step procedure to solve this question?

Many thanks!

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