A local finance company quotes an interest rate of 19.9 percent on one-year loans. So, if you borrow $48,000, the interest for the year will be $9,552. Because you must repay a total of $57,552 in one year, the finance company requires you to pay $57,552/12, or $4,796.00 per month over the next 12 months. 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.) APR ? % 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.) EAR ? %