You take out a $9,000 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%.

What is your monthly payment?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

What is the effective annual interest rate on the loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

Now assume the payments are made in three annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

\begin{tabular}{|l|r|l|} \hline \multicolumn{3}{|c|}{ Answer is not complete. } \\ \hline a. Monthly payment & $ & 286.20 \\ \hline b. Effective annual interest rate & 9.38 & % \\ \hline c. Annual payment & & \\ \hline \end{tabular}