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 14.0% and you borrow $1,000, then you pay back $1,140. But you make these payments in monthly installments of $104 each. a. What is the true APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decima places. Use a financial calculator or Excel.) APR % b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounde 2 decimal places.) Effective annual rate %