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Problem 4-8 Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. The loan would be fully

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Problem 4-8 Annuity Payment and EAR You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 696, with interest paid monthly. What is the monthly loan payment? Round your answer to the nearest cent. What is the loan's EFF%? Round your answer to two decimal places

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