College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. (Compounding Period: Week) a)...

College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. (Compounding Period: Week)

a) Find the interest rate per week.

b) What is the nominal interest rate per year?