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Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $10,000. The

loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 12%, with interest paid monthly.

What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

$  

What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.

  %

Top Answer

a) Monthly loan payment... View the full answer

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