Amortization schedule with periodic

payments.

Moulton Motors is advertising the following deal on a new Honda Civic: "Monthly payments of

$400.40400.40

for the next

6060

months and this beauty can be yours!" The sticker price of the car is

$ 18 comma 000$18,000.

If you bought the car, what interest rate would you be paying in both APR and EAR terms? What is the amortization schedule of the first six payments?

If you bought the car, what monthly interest rate would you be paying?

(Round to four decimal places.)