QUESTION 2: NeedyAbusers Limited (NAL) offers $2000 loans for up to 30 days for a flat fee of 10% of the principal due at the time of lending. LoanSharkers Inc. (LSI) also offers $2000 loans. It charges $100 administrative fee at the time of lending, and interest rate of 60% per year. To make it easier for the customers LSI divides interest and principal into 52 equal weekly installments. Thus on a $2,000 loan a customer pays (2,000(1.60)/52) = $61.54 every week. What effective annual interest rate each lender is charging. Which lender would you borrow from, if you need money for one year?