Question: check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not ind Problem

check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not ind Problem 5-63 Effective Interest Rate (LO4) Assume you take out a car loan of $8,700 that calls for 48 monthly payments of $310 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent roune 10 places. Use a financial calculator or Excel.) Answer is complete and correct. 29.36 0 % b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your ans rounded to 2 decimal places) Answer is complete but not entirely correct. 41.51 01% Prev17 of 17Next 3 4 5

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