1. Suppose People's bank offers to lend you $15,000 for 1 year on a loan contract that calls for you to make interest payments of $300.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? (Round your answer to 2 decimal places.)

2. Suppose you borrowed $15,000 at a rate of 11.0% and must repay it in 9 equal installments at the end of each of the next 9 years. How large would your payments be? (Round your answer to 2 decimal places.)