Problem $5-63$ Effective Interest Rate $($LO$4)$

Assume you take out a car loan of $$7,700$ that calls for $60$ monthly payments of $$210$ each.

a$.$ What is the APR of the loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places. Use a financial calculator or Excel.

Annual percentage rate

$\%$

b$.$ What is the effective annual interest rate on the loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Effective annual rate

$\%$