What is the monthly loan payment

Reference no: EM13260443

Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $15,000. 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? Round your answer to the nearest cent.

Reference no: EM13260443

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