Question #189743

you want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years(60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? What will be the loans EAR?


1

Expert's answer

2021-05-07T13:28:01-0400

Given:





Monthly payment and effective rate will be





Answers:

Monthly payment is $434.85

Effective rate is 11.57%


Formulas:








Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price

Comments

No comments. Be the first!
Our fields of expertise
Submit Your Assignment. We Can Do It.
LATEST TUTORIALS
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult. You can find this expert in "Assignmentexpert.com" with confidence. Exceptional experts! I appreciate your help. God bless you!
Canada #340153 on Dec 2023