Question: please help, also please show me the formula Annuity Payment and EAR You want to buy a car, and a local bank will lend you
please help, also please show me the formula

Annuity Payment and EAR You want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 5 years (60 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. %
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
