Answer and Explanation:
The computation is shown below:
a. For annual percentage rate
The excel spreadsheet is attached that contains two attachment one of formula and the other one is of final values
Therefore applying the given formula, the rate at which it is legally quoted is 34.91%
b. For the effective annual rate:
The excel spreadsheet is attached that contains two attachment one of formula and the other one is of final values
Therefore applying the given formula, the rate at which it is legally quoted is 41.07%