Question
A local bank will lend you $25,000 to buy a car. The loan would be fully amortized over 5 years (60 months), and the nominal
A local bank will lend you $25,000 to buy a car. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 10 percent, with interest paid monthly.
What would be the monthly loan payment?
What would be the loans EAR?
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Personal Finance
Authors: Vickie L Bajtelsmit
1st Edition
0470905158, 9780470905159
