What is the monthly loan payment

Reference no: EM13297119

You want to buy a car, and a local bank will lend you $25,000. 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. $ What is the loan's EFF%? Round your answer to two decimal places.

Reference no: EM13297119

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