Banks sometimes quote interest rates in the form of "add-on interest" In this case. if a l-year loan is quoted with a 20.5% interest rate and you borrow $1,000, then you pay back \$1,205. But you make these payments in monthly installments of \$111 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. 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