Abe is offered a loan of $$24,000$ that requires $60$ monthly payments of $$491\mathrm{.}24.$

What is the effective annual interest rate on this loan? $($Round intermediate calculations to $5$ decimal places, e$.$g$.5\mathrm{.}12534\%$ c

answer to $2$ decimal places, e$.$g$.25\mathrm{.}12\%.)$

Annual interest rate

What would the quoted rate be$?($Round answer to $2$ decimal places, e$.$g$.25\mathrm{.}12\%.$ Do not round your intermediate calculations.