You need to decide whether to lease or purchase a new car for $4$ years.

$1$ Price of car $27,000$

$2$ Resale value after $4$ years $13,500$

$3$ Initial lease payment $2,700$

$4$ Monthly lease payment $270$

$5$ Number of lease payments $48$

$6$ Final lease payment $6,660$

$7$ Bank interest rate $($EAIR$)6\mathrm{.}36\%$ What is the monthly effective rate of the lease? $(4+$desimals $)$ What is the effective annual interest rate of the lease? $(3+$desimals$)$