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Your bank will lend you $6,400 for 60 days at a cost of $104 interest. a. What is your annual rate of interest? (Use 365

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Your bank will lend you $6,400 for 60 days at a cost of $104 interest. a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual rate of interest % b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Effective annual rate %

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