Loan amortization and ear you want to buy a car and a local, Financial Management

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Loan amortization and ear you want to buy a car and a local

Loan amortization and EAR You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly.

What will be the monthly loan payment? Do not round intermediate step?

Round your answer to the nearest cent. $

What will be the loan's EAR?

Do not round intermediate steps

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Financial Management: Loan amortization and ear you want to buy a car and a local

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