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What is the apr on the loan

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Reference no: EM132503828

Your local loan shark offers weekly payday loans: You can borrow $1,000 and pay back $1,030 one week later (or lose a finger or two).

Part 1: What is the APR (the simple rate) on the loan? (Assume that there are exactly 52 weeks in a year, and remember to state the result in "decimal" form, not as a percent.)

Part 2: What is the effective annual rate on the loan? Again assume that there are exactly 52 weeks in the year, and state the rate in decimal form.

Reference no: EM132503828

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