What is the loans eff and monthly loan payment
You want to buy a car and a local bank will lend you $20,000. The loan would be fully amortized over 5 yrs (60 months) and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? What is the loans EFF%?
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The nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? What is the loans EFF%?
The terms of the loan call for daily payments of $ 97. The first payment is due today. The interest rate is 29 percent, compounded daily. What is the time period of this loan? Assume a 365 day year.
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