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Economics

Loan amortization and EAR You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. $ What will be the loan's EAR? Round your answer to two decimal places.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91673661

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