A local finance company quotes an interest rate of $18$ percent on one$-$year loans. So$,$ if you borrow $$29,000,$ the interest for the year will be $$5,220.$ Because you must repay a total of $$34,220$ in one year, the finance company requires you to pay $$34,220/12,$ or $$2,851\mathrm{.}67,$ per month over the next $12$ months.

a$.$

What rate would legally have to be quoted? In other words, what is the APR? $($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$.,32\mathrm{.}16.)$