You were able to sell a car worth 2,100,000, which would be financed by a bank. You told your buyer that the required down payment was 20% of the net price. Your buyer also need to pay the monthly...

You were able to sell a car worth 2,100,000, which would be financed by a bank. You told your buyer that the required down payment was 20% of the net price. Your buyer also need to pay the monthly amortization of 34,950 for 5 years.

1.How much was the interest rate charged by the bank for requiring the buyer to pay the monthly amortization of 34,950 for 5 years?

2.How much was your total commission if you received a commision of 5.25% based on the suggested retail price of the car from the car dealer and 1.25% incentive from the bank.