You want to buy a new sports coupe for $88,500, and the finance office at the dealership has quoted you an APR of 7 percent for a 72 month loan to buy the car.
What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Monthly payment$
What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)