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(Calculating an APR and EAR) You're in need of some money fast, and rather than ask...

(Calculating an APR and EAR) You're in need of some money fast, and rather than ask your folks for help, you've decided to look into a payday loan. At a payday loan shop right near your school you see that you can borrow $300 and repay $338 in 12 days. What are the APR and the EAR on this payday loan?

a. What is the APR on this payday loan?

b. What is the EAR on this payday loan?

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