The nominal interest rate would be 12 with interest paid

Reference no: EM13475635

You want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 12%, with interest paid monthly. What is the monthly loan payment? What is the loan's EFF%?

Reference no: EM13475635

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The nominal interest rate would be 12 with interest paid : you want to buy a car and a local bank will lend you 25000. the loan would be fully amortized over 3 years 36 months

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