Money Monkey Inc. offers annual loans on very simple terms: 24%/year and equal payment plan. The calculation they show to their clients for a $5000 loan is (5000/12) + (0.24/12)*5000 = $516.65/month for 12 months. It is easy to understand that they are charging one 12th of both principal and interest every month. (a) What would the payment be if it was calculated in the normal way for 24% per annum rate compounded monthly? (b) What is the effective rate of interest for Money Monkey under the payment plan they follow?