Loan amortization and EAR You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly.
What will be the monthly loan payment? Do not round intermediate step?
Round your answer to the nearest cent. $
What will be the loan's EAR?
Do not round intermediate steps