Problem 3: NCB Manufacturing, a manufacturer of basketball equipment, is a stable business. The company has just signed a deal with Careen Sports to make basketball nets with the Careen insignia. To make the required number of nets, NCB will need to expand its production facilities. The cost of such an expansion is $2,000,000. The company applies for a loan from its local banker and The commercial loan officer approves the loan applied by the NCB, quoting an APR of 7% and required monthly repayments over the next five years. What are the monthly payment (principal and interest) and effective interest rate (EAR) on this bank loan?