A local finance company quotes a one-year loan at an interest rate of 16 percent. So, if you borrow $33,000, the interest for the year will be $5,280. Because you must repay a total of $38,280 in one year, the finance company requires you to pay $38,280/12, or $3,190.00, per month over the next 12 months. What rate would legally have to be quoted? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Annual percentage rate % What is the effective annual rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Effective annual rate %