16.

Problem 5-20 Calculating Loan Payments [LO 2] You want to buy a new sports coupe for $75,300, and the finance office at the dealership has quoted you a loan with an APR of 7.7 percent for 36 months to buy the car. weith an APR of,.7 percent for s mnn 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).) Monthly payment 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).) Effective annual rate