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Part $1$

You are looking to buy a car and you have been offered a loan with an APR of $6\mathrm{.}1\%,$ compounded monthly.

a$.$ What is the true monthly rate of$$ interest?

b$.$ What is the$$ EAR?

$($Note$$: Be careful not to round any intermediate steps less than six decimal$$ places.$)$

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Part $1$

a$.$ What is the true monthly rate of$$ interest?

The monthly rate of interest is

$$

enter your response here$\%.($Round to four decimal$$ places.$)$