Question
You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months),
You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly.
1A) What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.
1B) What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.
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Detecting Accounting Fraud Before Its Too Late
Authors: Oriol Amat
1st Edition
1119566843, 9781119566847
