A local finance company quotes an interest rate of $16$ percent on one$-$year loans. So$,$ if you borrow $$24,000,$ the interest for the year will be $$3,840.$ Because you must repay a total of $$27,840$ in one year, the finance company requires you to pay $$27,\frac{840}{12},$ or $$2,320\mathrm{.}00,$ per month over the next $12$ months.

a$.$ What rate would legally have to be quoted? $($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? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[$a$.$ Annual percentage rate,,$\%$