Loan amortization and ear you want to buy a car and a local, Ask an Expert

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Loan amortization and EAR You want to buy a car, and a local bank will lend you $10,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 4% 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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Category:- Financial Management
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