a local finance company quotes an interest rate of 18.5 percent on one-year loans. so, if you borrow $41,000, the interest for the year will be $7,585. because you must repay a total of $48,585 in one year, the finance company requires you to pay $48,585/12, or $4,048.75 per month over the next 12 months. what rate would legally have to be quoted? note: 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?