Check my work In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $46,000 and the interest rate is 8.00%, the borrower pays" 0.0800 x $46,000 = $3,680 immediately, thereby receiving net funds of $42,320 and repaying $46,000 in a year. 10 points a. What is the effective interest rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Skipped Effective interest rate eBook b. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 1800%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Print Effective annual rate References