In a discount interest loan, you pay the interest payment up front. For example, if a $1-$year loan is stated as $$22,000$ and the interest rate is $11\mathrm{.}50\%,$ the borrower $$pays$0\mathrm{.}1150\backslash$times $$22,000=$ $$2,530$ immediately, thereby receiving net funds of $$19,470$ and repaying $$22,000$ in a year.

What is the effective interest rate on this loan?

Note: 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 $21\mathrm{.}50\%?$

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.