You are considering a car loan with a stated APR of 6.85% based on monthly compounding. What is the effective annual rate of this loan? The effective annual rate is l%. (Round to two decimal places.) Suppose Capital One is advertising a 60-month, 5.52% APR motorcycle loan. If you need to borrow $7,800 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $ . (Round to the nearest cent.)