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You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 10 years , and
You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 10 years , and the nominal interest rate would be 10%, with interest paid monthly. What is the monthly loan payment? Round your answer to two decimal places. For example, if your answer is $345.6671 round as 345.67 and if your answer is .05718 or 5.7182% round as 5.72.
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