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2. Problem 4-08 (Annuity Payment and EAR) Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000.
2. Problem 4-08 (Annuity Payment and EAR) Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. 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. % Step by Step Solution
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