In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $18,000 and the interest rate is 11.00%, the borrower "pays" 0.1100 $18,000 = $1,980 immediately, thereby receiving net funds of $16,020 and repaying $18,000 in a year. 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.) Effective interest rate b. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 21.00%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual rate %