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1.You want to buy a car, and a local bank will lend you $10,000. The loan would be fully amortized over 3 years (36 months),

1.You want to buy a car, and a local bank will lend you $10,000. 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.

$ .

2. What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.

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