Question
You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized over 3 years (36 months),
You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 8% with interest paid monthly.
What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.
What is the loan's EFF%? Round your answer to two decimal places.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
