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

You want to buy a car, and a local bank will lend

you GH

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 EAR

% ?

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