Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 each.

a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.)

*what is Effective interest rate??

b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

*what is Effective annual rate