Question
Annuity Payment and EAR You want to buy a car, and a local bank will lend you $10,000. The loan would be fully amortized over
Annuity Payment and EAR
You want to buy a car, and a local bank will lend you $10,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 8% 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%? Round your answer to two decimal places. %
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Case Studies In Finance
Authors: Robert Bruner, Kenneth Eades, Michael Schill
6th Edition
0073382450, 978-0073382456
