a. Youve borrowed $2,974.07 and agreed to pay back the loan with monthly payments of $140. If the interest rate is 12% stated as an APR, how long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Payback period years

b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Effective annual rate on the loan %