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You want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 3 years (36 months),
You want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 15%, 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%? Do not round intermediate calculations. Round your answer to two decimal places.
%
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