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Question 5 (EAR vs APR: 10 points) You are considering to pre-order a new generation iPhone 12, which is sold for $24,980. Fortunately, you find

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Question 5 (EAR vs APR: 10 points) You are considering to pre-order a new generation iPhone 12, which is sold for $24,980. Fortunately, you find a promotion offering an installment plan of paying $1,499 each month for 18 months. What is the APR for this installment plan? What is the effective annual rate you are actually paying in this plan? 2

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