You want to buy a new sports coupe for $88,500, and the finance office at the dealership has quoted you an APR of 7 percent for a 72 month loan to buy the car.

What will your monthly payments be?(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Monthly payment$

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