Question $3$

$6$ pts

If the APR in question $3$ is $2\mathrm{.}4\%,$ what is the effective interest rate of the loan? $($please provide the answer in percentages and keep two decimal places; for example: if the answer is $5\mathrm{.}376\%,$ please input $5\mathrm{.}38$ in the box$)$

Question $4$

$6$ pts

A contractor estimates maintenance costs for a new backhoe to be $$215$ for the first month with a monthly increase of $0\mathrm{.}5\%.$ If the annual interest rate is $6\%.$ The contractor is planning to sell it after $4$ year. What is the present value of the maintenance cost?