You are in the market to purchase a new car. You have decided on a Honda Civic. You have gone to two dealerships and have received the following prices and financing rates: Amount you will Car Price borrow APR Loan Term in months Dealer #1 $23,000 $20,000 4.40% Dealer #2 $22,250 $19,250 4.00% What is the payment and effective annual rate for each of the alternatives above? You are in the market to purchase a new car. You have decided on a Honda Civic. You have gone to two dealerships and have received the following prices and financing rates: Amount you will Car Price borrow APR Loan Term in months Dealer #1 $23,000 $20,000 4.40% Dealer #2 $22,250 $19,250 4.00% What is the payment and effective annual rate for each of the alternatives above