A local finance company quotes an interest rate of $15\mathrm{.}6$ percent on one$-$

year loans. So$,$ if you borrow $$36,000,$ the interest for the year will be

$$5,616.$ Because you must repay a total of $$41,616$ in one year, the finance

company requires you to pay $$41,\frac{616}{12},$ or $$3,468\mathrm{.}00$ per month over the

next $12$ months.

a$.$ 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$.,32\mathrm{.}16.$

b$.$ 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$.,32\mathrm{.}16.$