17 A local finance company quotes a 13 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $3,900. Because you must repay a total of $33,900 in one year, the finance company requires you to pay $33,900/12, or $2,825.00, per month over the next 12 months. 01:36:50 a. What rate would legally have to be quoted? b. What is the effective annual rate