Question: Friendly s Quick Loans, Incorporated, offers you $ 6 . 0 0 today but you must repay $ 8 . 1 5 when you get

Friendlys Quick Loans, Incorporated, offers you $6.00 today but you must repay $8.15 when you get your paycheck in one week (or else).
What is the effective annual return Friendlys earns on this lending business?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.
If you were brave enough to ask, what APR would Friendlys say you were paying?

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