You are a South Dakota resident and want to get a $500 Pay Day loan from www.paydayone.com (yes, this is real). To borrow $500, you need to pay back $612.50 two weeks later. What is the APR and EAR of this loan? (There are 26 2-week periods in a year.)

a) 585.0% APR and 19,467.6% EAR. b) 22.5% APR and 22.5% EAR. c) 270.0% APR and 1,041.9% EAR. d) 5.85% APR and 6.02% EAR.