The Business Development Bank is willing to loan Alysha the $30,000 she needs to start her new business. The loan will require monthly payments of $723.18 over 5 years.

a)What is the effective monthly rate on this loan? (Round answer to 1 decimal place, e.g. 15.2%. Do not round your intermediate calculations.)

b)With monthly compounding, what is the nominal (annual) interest rate on this loan? (Round answer to 1 decimal place, e.g. 15.2%.)