Question: Please answer the following (the first question should have 2 parts). You are looking to buy a car and you have been offered a loan

Please answer the following (the first question should have 2 parts).

You are looking to buy a car and you have been offered a loan with an APR of 6%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate steps less than six decimal places.) a. What is the true monthly rate of interest? The monthly rate of interest is \%. (Round to four decimal places.) Suppose Capital One is advertising a 60 -month, 5.29% APR motorcycle loan. If you need to borrow $7,000 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $. (Round to the nearest cent.)

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