You are looking to buy a car and you have been offered a loan with an APR of $5\mathrm{.}6\%,$ compounded monthly.

a$.$ What is the true monthly rate of interest?

b$.$ What is the EAR?

$($Note: Be careful not to round any intermediate steps less than six decimal places.$)$

a$.$ What is the true monthly rate of interest?

The monthly rate of interest is $\%.($Round to four decimal places.$)$