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Discuss what rate would legally have to be quoted

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A local finance company quotes an interest rate of 16.2 percent on one-year loans. So, if you borrow $33,000, the interest for the year will be $5,346. Because you must repay a total of $38,346 in one year, the finance company requires you to pay $38,346/12, or $3,195.50 per month over the next 12 months.

What rate would legally have to be quoted?(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

What is the effective annual rate?(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131747218

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