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Homework answers / question archive / You want to buy a car, and a local bank will lend you $30,000

You want to buy a car, and a local bank will lend you $30,000

Finance

You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 4 years, and the nominal interest rate will be 6.5% with interest paid monthly. What will be the monthly loan payment? Answer with 2 decimals (ex. $1,000.00).

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