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

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

You want to buy a car, and a local bank will lend you 20,000,The loan will be fully amortized over 5 years(60 Months) and thenominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR?Answer in back of book, I didn't get it right, need to know what Imissed. Also, If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?

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

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