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You have borrowed $500000 from a bank with an interest rate of 1,09 %. The loan is to be paid back in equal monthly installments

You have borrowed $500000 from a bank with an interest rate of 1,09 %. The loan is to be paid back in equal monthly installments over a 4-year period. Determine the monthly payment and the effective interest rate of the loan.
You have borrowed $500000 from a bank with an interest rate of 1,09 %. The loan is to be paid back in equal monthly installments over a 4-year period. Determine the monthly payment and the effective interest rate of the loan.

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