A local finance company quotes an interest rate of 18 percent on one-year loans. So, if you borrow $26,000, the interest for the year will be $4,680. Because you must repay a total of $30,680 in one year, the finance company requires you to pay $30,680/12, or $2,556.67, per month over the next 12 months.

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.)
	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.)