A local bank quotes you 15 percent interest rate on a one-year loan. If you borrow $25,000, the interest calculated for the year will be $3,750. Because you will repay a total of $28,750 in one year, the bank wants you to pay $28,750/12, or $2,395.83 per month (end of period) over the next 12 months. Calculate the annual interest rate (APR) and calculate the Effective Annual Rate (EAR).