Problem 6-20 Calculating Loan Payments (LO2, 4] You want to buy a new sports coupe for $86,500, and the finance office at the dealership has quoted you an APR of 6.8 percent for a 60 month loan to buy the car. a. What will your monthly payments be? (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? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Monthly payment b. Effective annual rate %