In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $48,000 and the interest rate is 7.75%, the borrower "pays" .0775 times $48,000 = $3,720 immediately, thereby receiving net funds of $44,280 and repaying $48.000 in a year. 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.) What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 17.75%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)