Suppose you enter a 10-month amortized loan of $50,000 now. The loan calls for equal monthly payments (with the first payment happens in one month), and the lender charges a very high APR of 96%. The appropriate monthly interest rate is and each monthly payment is 96%, 548,057.44 89, 57,451.47 96% 55,000.00 8% $3,727.59