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You are considering a car loan with a stated APR of 6.38% based on monthly compounding. What is the effective annual rate of this loan? The effective annual rate is \%. (Round to two decimal places.) (Note: Be careful not to round any intermediate steps less than six decimal places.) You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate steps less than six decimal places.) You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 14% APR, compounded monthly, or borrow the money from your parents, who want an interest payment of 6% every six months. Which is the lower rate? (Note: Be careful not to round any intermediate steps less than six decimal places.) You have found three investment choices for a one-year deposit: 10.4% APR compounded monthly, 10.4% APR compounded annually, and 9.5\% APR compounded daily. Compute the EAR for each investment choice. (Assume that there are 365 days in the year.) (Note: Be carefur not to round any intermediate steps less than six decimal places.) Suppose Capital One is advertising a 60 -month, 5.94% APR motorcycle loan. If you need to borrow $9,000 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.)