Problem $6-20$ EAR versus APR $($LO$3)$

Big Show's Pawn Shop charges an interest rate of $29\mathrm{.}0\%$ per month on loans to its customers. Like all lenders, Big Show must report an APR to consumers.

What rate should the shop report? $($Round the final answer to $1$ decimal places.$)$

APR $\%$

What is the effective annual rate? $($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

EAR $\%$