You take out an auto loan for $20,000 from your bank which charges a nominal interest rate of 12% per year compounded monthly. The arrangement is that you will pay nothing for the first 2 years and at the beginning of the 3rd year you will start repaying the loan in 24 equal monthly installments. If these installments are to be paid over the next 2 years, how much will you be paying each month? What is the effective interest rate you are charged?