To borrow $$2,600,$ you are offered an add$-$on interest loan at $10\mathrm{.}6$ percent with $12$ monthly payments.Compute the $12$ equal payments. Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan.Note: Do not round intermediate calculations and round your final answer to $2$ decimal places.Equal paymentEffective annual rate