Intro You took out a mortgage for $400,000. You need to pay $3,122 every month for 15 years. Part 1 IB Attempt 1/10 for 10 pts. What is the monthly interest rate? 5+ decimals Submit Intro You're about to buy a new car for $10,000. The dealer offers you a one-year loan where you pay $905.42 every month for the next 12 months. Since you pay $905.42 * 12 = $10,865 in total, the dealer claims that the loan's annual interest rate is (10,865-10,000)/10,000 = 8.65%. Part 1 18 Attempt 1/10 for 10 pts. What is the actual effective annual rate? 3+ decimals Submit 7 Part 2 8 Attempt 1/10 for 10 pts. What rate should the dealer quote by law? 3+ decimals Submit