Problem 5-59 Effective Interest Rate (LO4) Assume you take out a car loan of $8,500 that calls for 48 monthly payments of $290 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)