Question: Thank you for your time and help! Show work if you can! Friendly's Quick Loans, Inc., offers you $4.80 for $5.80 or I knock on

Thank you for your time and help! Show work if you can!

Friendly's Quick Loans, Inc., offers you "$4.80 for $5.80 or I knock on your door." This means you get $4.80 today and repay $5.80 when you get your paycheck in one week (or else). If you were brave enough to ask, what APR would Friendly's say you were paying? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) APR What's the effective annual return Friendly's earns on this lending business? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) EAR

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