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Compute what is the monthly loan payment

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You want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 12%, with interest paid monthly.

Problem 1: What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

Problem 2: What is the loan's EFF%?

Reference no: EM132998160

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