Loan Payments

a$.$ If you take out an $$47,500$ car loan that calls for $48$ monthly payments starting after $1$

month at an APR of $10\mathrm{.}70\%,$ 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