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please answer a, b, c, and d. Straight bank loan. Left Bank has a standing rate of 7.7% (APR) for all bank loans and requires
please answer a, b, c, and d.
Straight bank loan. Left Bank has a standing rate of 7.7% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $150,000 for 5 years, (b) $295,000 for 8 years, or (c) $1,050,000 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 $150,000 for 5 years? $ (Round to the nearest cent.) Step by Step Solution
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