What is the monthly loan payment round your answer to the


Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? Round your answer to the nearest cent.

 

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Finance Basics: What is the monthly loan payment round your answer to the
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