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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 9% with interest paid monthly.
- What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent.
- What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.
- I was wondering how you would input these values into a financial calculator, like the N, PMT, PV, FV, and I/Y rates?
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International Management Managing Across Borders And Cultures
Authors: Helen Deresky
10th Global Edition
1292430362, 978-1292430362
