Answer excerise $5$ with the appropiate calculator inputs to achieve that answer. Exercise #$5$: You are leasing a car worth $$32,000$ for $36$ months. You put down $$1200$ now and agree to monthly payments. The residual value is $$17,000.$ The financing rate is $6\%($monthly compounded$).$ How much are your monthly payments going to be$?$ Draw the time line, work the calculator entries.

What is the EAR in this problem? EAR $=$