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(Solved): Problem 4-08 (Annuity Payment and EAR) Annuity Payment and EAR You want to buy a car, and a local b ...



Problem 4-08 (Annuity Payment and EAR)

Annuity Payment and EAR You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 6%, 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.



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