Judy explains that if you borrow $1,000 for three years at 16.6 percent interest, in three years you will owe: $1,000 ~ 1.1663 = $1,000 * 1.58524 = $1,585.24 Judy recognizes that coming up with $1,585.24 all at once might be a strain, so she lets you make "low, low monthly payments" of $1,585.24/36 = $44.03 per month, even though this is extra bookkeeping work for her. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. a. Annual percentage rate Effective annual rate 34.30 % 40.24 % b. Judy explains that if you borrow $1,000 for three years at 16.6 percent interest, in three years you will owe: $1,000 ~ 1.1663 = $1,000 * 1.58524 = $1,585.24 Judy recognizes that coming up with $1,585.24 all at once might be a strain, so she lets you make "low, low monthly payments" of $1,585.24/36 = $44.03 per month, even though this is extra bookkeeping work for her. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. a. Annual percentage rate Effective annual rate 34.30 % 40.24 % b