You want to buy a car, and a local bank will lend you $30,000. The loan will
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Question:
You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 4% with interest paid monthly.
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What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent.
$
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What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.
%
Related Book For
Corporate Finance A Focused Approach
ISBN: 978-1439078082
4th Edition
Authors: Michael C. Ehrhardt, Eugene F. Brigham
Posted Date: