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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

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) $110,000 for 55 years

(b) $275,000 for 10 years

What is the effective annual rate of each of these loans?

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