A offers $$1,000$ loans for up to $15$ days for a flat fee of $5\%$ of the

principal due at the time of lending.B also offers $$1000$ loans. It charges $$40$ administrative fee at the time of lending, and interest rate of $56\%$ per year. To make it easier for the customers B divides interest and principal into $52$ equal weekly installments. Thus on a $$1,000$ loan a customer pays $(1,000(1\mathrm{.}56)/52)=$$$30\mathrm{.}00$ every week.

What effective annual interest rate each lender is charging. Which lender would you borrow from, if you need money for one year?