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Loan Payments a. If you take out an $8,000 car loan that calls for 72 monthly payments starting after 1 month at an APR of

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Loan Payments a. If you take out an $8,000 car loan that calls for 72 monthly payments starting after 1 month at an APR of 11.60%, what is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment $ b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Effective annual interest rate %

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