You want to buy a new sports coupe for $74,700, and the finance office at the dealership has quoted you a loan with an APR of 7.1 percent for 72 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?