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Find what is the monthly loan payment

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Problem 1: You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 9%, with interest paid monthly. 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: EM132946222

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