The nominal interest rate would be 8 with interest paid, Financial Management

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The nominal interest rate would be 8 with interest paid

You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 8% with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. What is the loan's EFF%? Round your answer to two decimal places.

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