Question
You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months),
You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 12% with interest paid monthly.
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What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent.
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What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.
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