Question
You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 5 years (60 months),
You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly. What will be the monthly loan payment? What will be the loans EAR?
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Police Auditing Standards And Applications
Authors: Allan Y. Jiao
2nd Edition
0398090750, 978-0398090753
