You want to buy a car and a local bank will lend you 30000


Loan amortization and EAR

You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% 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 30000
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