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You want to buy a car and a local bank will lend you 20000

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 8% with interest paid monthly.

What will be the monthly loan payment?

What will be the loan's EAR?

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Business Management: You want to buy a car and a local bank will lend you 20000

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Business Management: You want to buy a car and a local bank will lend you 20000

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