What is the annual nominal interest rate of a $\$500$ loan payable in two weeks at $\$675$? What is the effective annual interest rate? Assume it compounds $26$ times in a year, how much money would be owed at the end of the year?
I think if I could determine the nominal interest rate the rest of the problem would flow well from there. I'm aware that it's a 35% interest rate compounded every two weeks but I'm unaware of how translate this to an annual nominal rate.