Question
Check My Work eBook Annuity Payment and EAR You want to buy a car, and a local bank will lend you $30,000. The loan
Check My Work eBook Annuity Payment and EAR You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 5 years (60 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 Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
978-0133423822
