Question: 7. Problem 5.08 (Loan Amortization and EAR) Book Problem Walk-Through You want to buy a car and a local bank will lend you $35,000. The

7. Problem 5.08 (Loan Amortization and EAR) Book Problem Walk-Through You want to buy a car and a local bank will lend you $35,000. The loan will be fully amortired over 5 years (60 months), and the nominal Interest rate will be with terest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places Monthly loan payment: $ EAR: %

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