FN 310-QLA: Save Homework: Chapter 15 Homework Score: 0 of 1 pt 3 of 12 (2 complete) HW Score: 16.67%, 2 of 12 pts P15-3 (similar to) Question Help Straight bank loan. Left Bank has a standing rate of 7.9% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $105,000 for 6 years, (b) $280,000 for 11 years, or (c) $1,150,000 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 $105,000 for 6 years? (Round to the nearest cent.)