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A bank is offering a loan of 25000 with a nominal interest

A bank is offering a loan of 25,000 with a nominal interest rate of 6% compounded monthly, payable in 60 months. there is a loan origination fee of 2% that is take out from the loan amount

a) What is the monthly payment

b) What is the effective interest rate?

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Mechanical Engineering: A bank is offering a loan of 25000 with a nominal interest

Reference No:- TGS01532432

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