Jasmine Scents has been given two competing offers for short-term financing. Both offers are for borrowing $15,000 for 1 year. The first offer is a discount loan at 8%; the second offer is for interst to be paid at a maturity at a stated interest rate of 9%. Calculate the effective annual rates for each loan and indicate which loan offeres the best terms. (Note: I thought the effective annual rate for the first loan was 8%, but that seems to be incorrect)