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Determine what is monthly loan payment

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Reference no: EM132720160

Problem 1: You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 6%, with interest paid monthly. What is the monthly loan payment? Round your answer to the nearest cent.

Problem 2: What is the loan's EFF%? Round your answer to two decimal places.

Reference no: EM132720160

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