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c15 q3 need help with all 4 parts Straight bank loan. Left Bank has a standing rate of 8.1% (APR) for all bank loans and
c15 q3 need help with all 4 parts
Straight bank loan. Left Bank has a standing rate of 8.1% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a)$100,000 for 5 years, b) $255,000 for 12years, or (c) $1,000,000 for 23 years? What is the effective annual rate of each of these loans?
(a)What is the monthly payment if a loan is for $100,000 for 5 years?(Round to the nearest cent.)
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