About the loan amortization and ear

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Reference no: EM131316606

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 11% 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. %

Reference no: EM131316606

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