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Problem 4-8 Annuity Payment and EAR You want to buy a car, and a local bank...

Problem 4-8
Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $10,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 10% with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.
$  

What is the loan's EFF%? Round your answer to two decimal places.
%

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