You want to buy a now sports coupe for $74, 600, and the finance office at the dealership has quoted you loan with an APR of 7 percent for 60 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).)
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).)