Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Compounding Interest Rate Period 16.77 % 1 month 7.12 6 months 10.38 3 months % % % Lenny Loanshark charges 1.03 points" per week (that is, 1.03% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Annual percentage rate Effective annual rate