Prof. Finance decides to buy a Nissan Maxima. After paying a down payment and taxes, Prof. Finance can finance the rest of the purchase price with a loan of $28,000 for 60 months at a special finance rate offered by Nissan of 0.9% APR compounded monthly. He finds out that Nissan has a second offer of $2250 cash back (rebate) in place of the special 0.9% finance rate offered. Prof. Finance finds he can get 3.39% APR compounded monthly financing online for 60 months if he takes the $2250 cash back offer. The $2250 cash back would be used as an additional down payment reducing the loan amount.

What is the effective annual rate for each loan option?