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15. 2. Straight bank loan. Left Bank has a standing rate of 8.2% (APR) for all bank loans and requires monthly payments. What is the

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Straight bank loan. Left Bank has a standing rate of 8.2% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $110,000 for 4 years, (b) $285,000 for 12 years, or (c) $1,250,000 for 25 years? What is the effective annual rate of each of these loans? (a) What is the monthly payment if a loan is for $110,000 for 4 years? (Round to the nearest cent.)

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