Question: Question 3 10 pts A loan shark just offered Patrick a $30,000 loan to pay his gambling debts. The loan requires weekly payments of $250

Question 3 10 pts A loan shark just offered Patrick a $30,000 loan to pay his gambling debts. The loan requires weekly payments of $250 per week (52 weeks per year) for the next four years. What are the annual rate (APR) and effective annual rate (EAR) of interest on the loan? APR 30.49%; EAR 35.53% APR does not exist; EAR does not exist APR 26.31%; EAR 30.01% APR 30.4995: EAR 30.0196 APR 26.31%; EAR 35.5396 Previous Next sc FT F2 F3 F4 F5 F6 F FB

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