Chapter Six

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You want to buy a new sports coupe for $$84,500,$ and the finance office at the dealership has quoted you an APR of $4\mathrm{.}7$ percent for a $60-$month loan to buy the car:

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a$.$ What will your monthly payments be$?($Do not round intermediate calculations and

points round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

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b$.$ What is the effective annual rate on this loan? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

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$\backslash$table$[[$a$.$ Monthly payment,,$],[$b$.$ Effective annual rate,,$\%$