Lenny loanshark charges 102 points per week on his loans, Financial Management

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Lenny loanshark charges 102 points per week on his loans

Lenny Loanshark charges “1.02 points” per week (that is, 1.02% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

Annual percentage rate %

Effective annual rate %

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Financial Management: Lenny loanshark charges 102 points per week on his loans

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