Question
You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 5 years (60 months),
You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 6%, with interest paid monthly.
What is the monthly loan payment?
What is the loan's EFF%?
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Financial Markets And Institutions
Authors: Frederic S. Mishkin
2nd Edition
0321014650, 9780321014658
