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Loan amortization and EAR You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over

Loan amortization and EAR

You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly.

What will be the monthly loan payment? Round your answer to the nearest cent.$
What will be the loan's EAR? Round your answer to two decimal places.%

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