Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $238.38 for 36 months.

(a)

What is the finance charge (in $) on the loan?

$

(b)

Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.)

%