You want to buy a new sports coupe for $74,000, and the finance office at the dealership has quoted you a loan with an APR of 6.4 percent for 48 months to buy the car.

Requirement 1:

What will your monthly payments be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Monthly payment

$

Requirement 2:

What is the effective annual rate on this loan? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

Effective annual rate

%

As you can see, I got requirement 2 but I'm having trouble with requirement 1.