X P15-3 (similar to) Question Help Straight bank loan. Left Bank has a standing rate of 8.1% (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $100,000 for 5 years, (b) $250,000 for 8 years, or (c) $1,100,000 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 $100,000 for 5 years? $ (Round to the nearest cent.)