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10. Loan Payments a. If you take out an $7,500 car loan that calls for 48 monthly payments starting after 1 month at an APR

10. Loan Payments
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a. If you take out an $7,500 car loan that calls for 48 monthly payments starting after 1 month at an APR of 11.80%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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