A local finance company quotes an interest rate of16 percent on one-year loans. So, if you borrow $33,000, the interest for the year will be $5,280. Because you must repay a total of $38,280 in one year, the finance company requires you to pay $38,280/12, or $3,190.00, per month over the next 12 months.

What 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.)

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.)