a. You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.

Monthly loan payment: $

EAR:

b. What is the present value of a $400 perpetuity if the interest rate is 9%? If interest rates doubled to 18%, what would its present value be? Round your answers to the nearest cent.

Present value at 9%: $

Present value at 18%: $

c. You borrow $335,000; the annual loan payments are $32,607.68 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.