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( 4 - 8 ) Annuity Payment and EAR You want to buy a car, and a local bank will lend you $ 2 0

(4 - 8)

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

5

years

(60

months

),

and the nominal interest rate would be

12 %,

with interest paid monthly. What is the monthly loan payment? What is the loan

s EFF

% ?

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