Question: Save Submit Assignment Tor Assignment Chapter 5 Practice Problems Question 2 of 13 Questions 2 1 4 5 0 0 0 5-16: Comparing Interest Rates

Save Submit Assignment Tor Assignment Chapter 5 Practice Problems Question 2 of 13 Questions 2 1 4 5 0 0 0 5-16: Comparing Interest Rates 5-18: Amortired Loans Loan amortization and EAR 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 a. What will be the monthly loan payment? Round your answer to the nearest cent. 7. $ b. What will be the loan's EAR? Round your answer to two decimal places. 9 10

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