Comprehensive. You need a $$10,000$ car loan and are talking to two different banks. $($ LO$6)$

a$.$ Big Bank offers you a $$10,000$ auto loan requiring $48$ monthly payments of $$275,$ paid at the end of each month. What is the

APR of the loan? What is the effective annual rate?

b$.$ Little Bank's loan has $4$ annual year$-$end instalments, each equal to $12$ times the Big Bank monthly loan payments. Should you

accept Little Bank's loan?

c$.$ What annual payment would make the Little Bank loan equivalent to the Big Bank loan? Why is it not simply $12$ times the Big

Bank monthly payment?