You want to buy a new sports coupe for $74,800, and the finance office at the dealership has quoted you a loan with an APR of 7.2 percent for 48 months to buy the car.
Requirement 1: What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
Monthly payment $
Requirement 2: What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)
Effective annual rate %