a. You've borrowed $3,078.87 and agreed to pay back the loan with monthly payments of $110. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Payback period years b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Effective annual rate on the loan