S$06-20$ Calculating Loan Payments $[$LO$2,4]$

You want to buy a new sports coupe for $$84,500,$ and the finance office at the dealership has quoted you an APR of $4\mathrm{.}7$ 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$.,32\mathrm{.}16.)$

b$.$ What is the effective annual rate on this loan? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[$a$.$ Monthly payment,$1,704\mathrm{.}65$