You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months),
You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 9%, 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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Authors: Marcia Cornett, Anthony Saunders
1st Edition
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