a. You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

b. What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.