All information is given.

Loan Shark Loans (LSL) charges an interest rate of 15.1 percent per month on loans to its customers. Like all lenders, LSL must report an APR to consumers. a. What rate should the lender report? (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. Annual percentage rate % b. Effective annual rate %