You have just borrowed $260,000 to buy a condo. You will repay the loan in equal monthly payments of $2,738.38 over the next 25 years.

a-1.What monthly interest rate are you paying on the loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

a-2.What is the APR?(Do not round intermediate calculations. Enter your answer as a whole percent.)

b.What is the effective annual rate on that loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)