The first payment must be made in 30 days.what is the nominal annual interest rate the bank is receiving?

a local bank will lend a customer $1000 on a 2 year loan as follow
money to pay to car $1000 $1000
2 years interest at 7%: 2X 0.07 x1000 $140
total $1140
24 montly payments 1140/24=$47.50

Answer:
open Excel
type "-1000", 47.50, 47.50, . (24 times)

use IRR function on that, multiply result by 12
Your questions is very unclear. Are wanting to calculate the monthly car payment? Use the amortization forumla, and just plug in the numbers. You can find one online or in Excel.

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