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Suppose you want to purchase heavy equipment machinery and a commercial bank will lend you $65,000 for the transaction. The loan will be amortized over

Suppose you want to purchase heavy equipment machinery and a commercial bank will lend you $65,000 for the transaction. The loan will be amortized over 5 years and the nominal interest rate will be 8% payable monthly. Calculate the monthly payment and annual rate (EAR) of the loan to be amortized.

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