You are going to buy a new car. The car costs $30,000. After making a 10% down payment, you will finance $27,000. You want to finance the car for 5 years. The first payment will be due one month after the delivery of the car. The dealers finance manager tells you that the monthly payment on the amount financed will be $534.63.

What is the Annual Percentage Rate of the car loan? ________________What is the Effective Annual Rate? ________________