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6 a. You've borrowed $693.25 and agreed to pay back the low with monthly payments of $50. If the interest rate is 12 stated as

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6 a. You've borrowed $693.25 and agreed to pay back the low with monthly payments of $50. If the interest rate is 12 stated as an APR, how long will take you to pay back the loan? (Do not round Intermediate calculations. Round your answer to 2 decimal places) Payback period b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places) Effective and rate the loan

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