Qian has just graduated from university, and she has received a letter stating that she must start repaying her student loans. The letter gives the following information: Loan Balance: $35000 Annual Percentage Rate (APR): 5.94% Loan Amortization Period: 9.5 years Calculate Qian's MONTHLY required loan payment: (Avoid rounding intermediate calculations. Round your final answer to 2 decimal places, i.e. 234.56) Monthly required loan payment = $

using the same from above ^^ the annual interest rate is compounded monthly because the payments are made monthly. If the APR was 5.94%, what is the effective annual rate on the loan (EAR)? EAR = %