What is the effective annual interest rate on the loan do, Finance Basics

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What is the effective annual interest rate on the loan do

Question: Assume you take out a car loan of $8, 600 that calls for 48 monthly payments of $300 each.

a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) APR _________ %

b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) EAR __________%

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