You want to buy a car and a local bank will lend you 10000, Financial Management

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You want to buy a car and a local bank will lend you 10000

Loan amortization and EAR You want to buy a car, and a local bank will lend you $10,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 4% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. $ What will be the loan's EAR? Round your answer to two decimal places. %

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Financial Management: You want to buy a car and a local bank will lend you 10000

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