Assume you take out a car loan of $8,800 that calls for 48 monthly payments of $320 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.) Annual percentage rate % b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as rounded to 2 decimal places.) percent Effective annual rate %