Problem 5-63 Effective Interest Rate (LO4) Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 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.) 935 9% Effective interest rate 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.) Effective annual rate200%