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Problem 5 - 2 0 Calculating Loan Payments [ LO 2 ] You want to buy a new sports coupe for $ 7 4 ,

Problem 5-20 Calculating Loan Payments [LO 2]
You want to buy a new sports coupe for $74,000, and the finance office at the dealership has quoted you a loan with an APR of 6.4 percent for 48 months to buy the car.
a. What will your monthly payments be?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
b. What is the effective annual rate on this loan?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.
\table[[a. Monthly payment,,],[b. Effective annual rate,6.59,%
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