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You want to buy a car, and a local bank will lend you $33,000. The loan would be fully amortized over 6 years (72 months),
You want to buy a car, and a local bank will lend you $33,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 13%, with interest paid monthly.
What is the monthly loan payment?
What is the loan's EFF%?
Formulas and Excel set up is apprciated! :)
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