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Determine annuity payment and ear

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Annuity Payment and EAR

Question 1: You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

Question 2: What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places.

Reference no: EM132491005

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