A local finance company quotes an interest rate of 16 percent on one-year loans. So, if you borrow $34,000, the interest for the year will be $5,440. Because you must repay a total of $39,440 in one year, the finance company requires you to pay $39,440/12, or $3,286.67 per month over the next 12 months. Requirement 1: Is the interest rate on this loan 16 percent? Requirement 2: What rate would legally have to be quoted? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) APR % Requirement 3: What is the effective annual rate? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Effective annual rate %