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

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 12% 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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