1. You are considering a car loan with a stated APR of 6% based on monthly compound- ing. What is the effective annual rate of this loan? 3. You are looking to buy a car and you have been offered a loan with an APR of 6%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? 14. Suppose Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow $8000 to purchase your dream Harley-Davidson, what will your monthly payment be? 15. Assume you graduate from college with $30,000 in student loans. If your interest rate is fixed at 4.66% APR with monthly compounding and you will repay the loans over a 10-year period, what will be your monthly payment