A friend of yours was trying to recall the interest rates applied to a loan they were recently offered. The loan is for $10,000 over the next four years with 24 monthly payments of $250 for the first two years (beginning one month from now), followed by 24 monthly payments of $275 for the final two years. All they could recall regarding the interest rate was that the nominal rate (compounded monthly) for the first two years was 1 % higher than the nominal rate (compounded monthly) in the final two years. Can you tell your friend what interest rates were applied over the first two years and the final two years?