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Your bank will lend you $2,800 for 45 days at a cost of $37 interest....

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Finance

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Your bank will lend you $2,800 for 45 days at a cost of $37 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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