Question: Please explain these two questions; Many thanks Example 16 (periodic, APR, EAR): You have just borrowed $20,000 to buy a new car. The loan agreement

Please explain these two questions; Many thanks

Example 16 (periodic, APR, EAR): You have just borrowed $20,000 to buy a new car. The loan agreement calls for 60 monthly payments of $444.89 each to begin one month from today. If the interest is compounded monthly, then what is the periodic rate on this loan? APR? EAR? Example 17 (rnom): Bank A offers a 2-year certificate of deposit that pays 10% compounded annually. Bank B offers a 2 year CD that is compounded semiannually. The CDs have identical risk. What is the stated, or nominal rate that Bank B would have to offer to make you indifferent between the two investments? (Ans: 9.76%)

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