e Straight bank loan. Left Bank has a standing rate of 7.6% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $115,000 for 6 years, (b) $275,000 for 12 years, or (c) $1,200,000 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 $115,000 for 6 years? (Round to the nearest cent.)