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Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,030 one week later. What is the AIR (the simple

Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,030 one week later.

What is the AIR (the simple rate) on the loan(2+decimals)?

(Assume that there are exactly 52 weeks in a year.)

What is the effective annual rate (the right thing) on the loan(2+ decimals)?

Again assume that there are exactly 52 weeks in the year.

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