Banks sometimes quote interest rates in the form of add-on interest. In this case, if a 1-year loan is quoted with an interest rate of 15.5% and you borrow $1,000, then you pay back $1,236. But you make these payments in monthly installments of $103 each. a. What is the true APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)