The loan would be fully amortized over 6 years 72 months, Financial Management

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The loan would be fully amortized over 6 years 72 months

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%?

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Financial Management: The loan would be fully amortized over 6 years 72 months

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Financial Management: The loan would be fully amortized over 6 years 72 months

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