Question: a . If you take out an $ 2 7 , 5 0 0 car loan that calls for 3 6 monthly payments starting after

a.
If you take out an $27,500 car loan that calls for 36 monthly payments starting after 1 month at an APR of 15.70%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Monthly payment $
b.
What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Effective annual interest rate

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