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 $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly. What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent. $ What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places. %

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