Banks sometimes quote interest rates in the form of "add$-$on interest." In this case, if a $1-$year loan is quoted with a $10\mathrm{.}0\%$ interest rate

and you borrow $$1,000,$ then you pay back $$1,100.$ But you make these payments in monthly installments of $$96$ each.

a$.$ What is the true APR on this loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places. Use a financial

calculator or Excel.

APR

b$.$ What is the effective annual rate on the loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.