Jasmine Scents has been given two competing offers for short-term financing. Both offers are for borrowing $42,000 for 1 year. The first offer is a discount loan at 8.12%; the second offer is for interest to be paid at maturity at a stated interest rate of 8.73%. Calculate the effective annual rates for each loan and indicate which loan offers the best terms. The effective annual rate for the first loan is nothing%. (Round to two decimal places.)The effective annual rate for the second loan is nothing%. (Round to two decimal places.) Which loan offers the best terms and why?(Select the best answer below.)