Annuity Payment and EAR
You want to buy a car, and a local bank will lend you $20,000.
The loan would be fully amortized over 4 years (48 months), and the
nominal interest rate would be 12% with interest paid monthly. What
is the monthly loan payment? Do not round intermediate
calculations. Round your answer to the nearest cent.
$
What is the loan's EFF%? Round your answer to two decimal places.
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 20,000, FV = 0, N = 48, I = 0.12/12]
PMT = $526.68
EFF of Loan = (1.01)12 - 1 = 12.68%
Annuity Payment and EAR You want to buy a car, and a local bank will lend...
Annuity Payment and EAR You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 10% with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Round your answer to two decimal places. %
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You want to buy a car, and a local bank will lend you $15,000. The loan would be fully amortized over 4 years (48 months), and the nominal interest rate would be 15%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
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ou want to buy a car, and a local bank will lend you $25,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 9%, with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the loan's EFF%? Do not round intermediate calculations. Round your answer to two decimal places. %
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