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You want to buy a new sports coupe for $61,800 and the finance office at the dealership has quoted you a 7.4% APR loan to

You want to buy a new sports coupe for $61,800 and the finance office at the dealership has quoted you a 7.4% APR loan to buy the car.

  1. What will your monthly payments be?(Show your answer as a positive dollar value with 2 decimal places, without a $. For example, 527.27.
  2. What is the effective annual rate on this loan?(Show your answer as a percentage with 2 decimal places, without a %. For example, 5.27.)

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