Question
Q4: You want to buy a car, and a bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months),
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Q4: You want to buy a car, and a bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 5%, with interest paid monthly. What is the monthly loan payment? What is the loan's EFF%?
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Financial Literacy For Managers
Authors: Richard A. Lambert
1st Edition
1613630182, 978-1613630181
