What would be the monthly loan payment

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Reference no: EM132052673

Question

You want to buy a car, and a local bank will lend you $16,000. The loan would be fully amortized over 6 years (72 months), and the nominal interest rate would be 3 percent, with interest paid monthly.

What would be the monthly loan payment? What would be the loan's EFF%?

Reference no: EM132052673

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