Sanks sometimes quote interest rates in the form of "add-on interest" In this case, if a 1 -year loan is quoted with a 20.5% interest rate and you borrow $1,000, then you pay back $1,205. But you make these payments in monthly installments of $111 each. a. What is the true APR on this loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel. b. What is the effective annual rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places