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Attempts Keep the Highest / 2 3. Problem 5.08 (Loan Amortization and EAR) eBook Problem...

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Attempts Keep the Highest / 2 3. Problem 5.08 (Loan Amortization and EAR) eBook Problem Walk-Through You want to buy a car, and local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ EAR: % Grade it Now Save & Continue Continue without saving

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