Computing the cost of a bank loan

Byrne Co$.$ wants to borrow $$200,000$ on an add$-$on basis at a simple rate of $8\mathrm{.}00\%$ to be paid in nine monthly installments. Byrne Co$.$ will receive the

$$200,000$ upon approval of the loan and will pay back the principal and interest over the life of the loan.

Calculate the monthly interest payment, the monthly principal payment, the approximate annual percentage rate $($APR$),$ and the approximate effective

annual rate $($EAR$)$ of this add$-$on loan: $($Note: Do not round intermediate calculations. Round dollar values to the nearest whole dollar. Round

percentages to two decimal places.$)$

Value

Monthly interest payment

Monthly principal payment

Approximate annual percentage rate $($APR$)$

Approximate effective annual rate $($EAR$)$