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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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
4th Edition
0077262379, 978-0077262372
