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You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly a. What is the

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You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate stops loss than six decmal places) CAT a. What is the true monthly rate of interest? The monthly rate of interest is % (Round to four decimal places) b. What is the EAR? The EAR is % (Round to four decimal places.)

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