Question
LOAN AMORTIZATION AND EAR You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over
LOAN AMORTIZATION AND EAR
You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest paid monthly.
- What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent.
- $
- What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.
- %
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Constitutional Law A Contemporary Approach
Authors: Gregory Maggs, Peter Smith
5th Edition
1684675715, 978-1684675715
