Question: 4. Problem 28-08 (Annuity Payment and EAR) eBook Annuity Payment and EAR You want to buy a car, and a local bank will lend you

4. Problem 28-08 (Annuity Payment and EAR) eBook Annuity Payment and

4. Problem 28-08 (Annuity Payment and EAR) eBook Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 9% 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. % Grade it Now Save & Continue Continue without saving 11:51 AM

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