A local finance company quotes an interest rate of 17 percent on one-year loans. So, if you borrow $17,000, the interest for the year will be $2,890. Because you must repay a total of $19,890 in one year, the finance company requires you to pay $19,890/12, or $1,657.50, per month over the next 12 months. What interest rate would legally have to be quoted? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual percentage rate % What is the effective annual rate? (Do not round Intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) % Effective annual rate