A local finance company quotes an interest rate of 18.9 percent on one-year loans. So, if you borrow $43,000, the interest for the year will be $8,127. Because you must repay a total of $51127 in one year, the finance company requires you to pay $51,127/12, or $4,260.58 per month over the next 12 months. a. What 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. APR b. EAR % %