Question: I need these both solved if possible please. I will be very grateful. 8. Problem 5.08 (Loan Amortization and EAR) eBook You want to buy

I need these both solved if possible please. I will be very grateful.

I need these both solved if possible please. I will be very grateful. 8. Problem 5.08 (Loan Amortization and EAR) eBook You want to

8. Problem 5.08 (Loan Amortization and EAR) eBook You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest 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: % 10. Problem 5.17 (Effective Interest Rate) eBook You borrow $65,000; the annual loan payments are $9,282.18 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number

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