Question
Annuity Payment and EAR You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over
Annuity Payment and EAR You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 15%, 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%? Do not round intermediate calculations. Round your answer to two decimal places.
%
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Financial Analysis And Modeling Using Excel And VBA
Authors: Chandan Sengupta
2nd Edition
047027560X, 978-0470275603
