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Plz Help 5-16: Comparing Interest Rates 5-18: Amortized Loans Loan amortization and EAR You want to buy a car, and a local bank will lend

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5-16: Comparing Interest Rates 5-18: Amortized Loans 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 5% with interest paid monthly. a. What will be the monthly loan payment? Round your answer to the nearest cent. $ b. What will be the loan's EAR? Round your answer to two decimal places. %

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