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3. Problem 5.08 (Loan Amortization and EAR) You want to buy a cat, and a local bank will lend you $10,000, The loan will be

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3. Problem 5.08 (Loan Amortization and EAR) You want to buy a cat, and a local bank will lend you $10,000, The loan will be fully amortized over 5 years (60 months), and the nominal inferest rate w be 1246 with interest pald menthily. What wili be the monthly loan payment? What will be the foan's Eaf? po not round intermediate calculations. Fsund your answer for the monthy loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payrinents $ EAR

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