Calculate what will be the loans ear

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Reference no: EM131970742

Loan amortization and EAR You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly.

What will be the monthly loan payment? Do not round intermediate step?

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.

If possible how to do on BA II plus.

Reference no: EM131970742

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