What is the effective annual rate-annual percentage rate

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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  %

Reference no: EM131601752

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