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Trenton just agreed to a $75,000 loan from a loan shark. The loan requires weekly payments of $1,000 per week (52 weeks per year) for

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Trenton just agreed to a $75,000 loan from a loan shark. The loan requires weekly payments of $1,000 per week (52 weeks per year) for the next three years. What are the annual rate (APR) and effective annual rate (EAR) of interest on the loan? APR 56.48\%; EAR 61.10\% APR 47.90\%; EAR 75.37\% APR 56.48\%; EAR 75.37\% APR does not exist: EAR does not exist APR 47.90\%; EAR 61.10\%

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