A local finance company quotes an interest rate of $15\mathrm{.}8$ percent on one$-$year loans. So$,$ if you borrow $$35,000,$ the interest for the year will be $$5,530.$ Because you must repay a total of $$40,530$ in one year, the finance company requires you to pay $$40,530/12,$ or $$3,377\mathrm{.}50$ per month over the next $12$ months.

What rate would legally have to be quoted?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

What is the effective annual rate?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$