Loan amortization-what will be the monthly loan payment

Assignment Help Financial Management

Reference no: EM13894699

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 6% with interest paid monthly.

What will be the monthly loan payment? Round your answer to the nearest cent.

What will be the loan's EAR? Round your answer to two decimal places.

Reference no: EM13894699

Questions Cloud

How deafness might affect a child acquisition : Think about the difficulties of making friends or learning to read without sight or hearing. Describe how deafness might affect a child's acquisition and use of speech and language, academic achievement, and social functioning. Discuss how blindness..

What is the epeat tool? how is it used : What is the EPEAT tool? How is it used?

What is the bond equivalent yield : A Treasury bill purchased in December 2015 has 115 days until maturity and a bank discount yield of 2.43 percent. Assume a $100 face value. What is the bond equivalent yield?

What is the tcf associated with the purchase of machine : Builtrite is considering purchasing a new machine that would cost $60,000 and the machine would be depreciated (straight line) down to $0 over its five year life. At the end of five years it is believed that the machine could be sold for $15,000. The..

Loan amortization-what will be the monthly loan payment : 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 6% with interest paid monthly. What will be the monthly loan payment?

What is the amount of the cash flow to creditors : At the beginning of the year, long-term debt of a firm is $308 and total debt is $339. At the end of the year, long-term debt is $269 and total debt is $349. The interest paid is $35. What is the amount of the cash flow to creditors?

What can you do to repair the damage : Define the term irreparable. If, in a moment of frustration and anger, you tell someone that he or she is stupid, what can you do to repair the damage?

Identify as many economies of scale as you can : 1.Taking the same industries, identify as many economies of scale as you can.

Value bond outstanding with coupon rate : Yan Yan Corp. has a $2,000 par value bond outstanding with a coupon rate of 4.9 percent paid semiannually and 23 years to maturity. The yield to maturity on this bond is 4.3 percent. What is the price of the bond?

User Account

All Pages