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eBook 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

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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 4 years (48 months), and the nominal interest rate would be 12%, 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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