You want to buy a new sports coupe for $87,500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 48-month loan to buy the car.

a.	What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b.	What is the effective annual rate on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)