A local finance company quotes an interest rate of $19\mathrm{.}1$ percent on one$-$year loans. So$,$ if you borrow $$44,000,$ the interest for the year will be $$8,404.$ Because you must repay a total of $$52,404$ in one year, the finance company requires you to pay $$52,404/12,$ or $$4,367\mathrm{.}00$ 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?