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you want to buy a car, and a local bank will lend you $ 2 0 , 0 0 0 . The loan would be

you want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 5 years(60 months), and the nominal interest rate would be 12%, with interest paid monthly. what is the monthly loan payment? what is the loan's EFF%?

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