What is the monthly payment

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Reference no: EM131807561

A bank is offering a loan of $25,000 with a nominal interest rate of 18% compoundedmonthly, payable in 60 months.

(a) What is the monthly payment?

(b) If a loan origination fee of 2% is charged at the time of the loan, what is the effective interest rate?

Reference no: EM131807561

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