A local finance company quotes an interest rate of 17 percent on one-year loans. So, if you borrow $28,000, the interest for the year will be $4,760. Because you must repay a total of $32,760 in one year, the finance company requires you to pay $32,760/12, or $2,730.00 per month over the next 12 months. a. What interest 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., 32.16.) 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., 32.16.) a. Annual percentage rate b. Effective annual rate % %