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Question 2 10 pts 2) Jimmy, a recent MET graduate from NJIT, bought an SUV for $34,000 with a down payment of $12.000. Jimmy had a little business on the side; he was able to save the $12,000 for his dream car. He expects to take good care of the car. The dealership, owned by Jimmy's uncle, agrees to take the car back for $8,500 at the end of 4 years. If the monthly payment is ($450) what is the nominal interest rate on this loan? What is the effective interest rate? B'IVA-AIE E 3 1 , Question 2 10 pts 2) Jimmy, a recent MET graduate from NJIT, bought an SUV for $34,000 with a down payment of $12.000. Jimmy had a little business on the side; he was able to save the $12,000 for his dream car. He expects to take good care of the car. The dealership, owned by Jimmy's uncle, agrees to take the car back for $8,500 at the end of 4 years. If the monthly payment is ($450) what is the nominal interest rate on this loan? What is the effective interest rate? B'IVA-AIE E 3 1