Left Bank has a standing rate of 7.9% (APR) for all bank loans and requires monthly...

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Finance

Left Bank has a standing rate of 7.9% (APR) for all bank loansand requires monthly payments. What is the monthly payment if aloan is for
?(a?) $140,000 for 5 ?years
(b?) $255,000 for 10 ?years
?(c?) $1,500,000 for 25 ?years
What is the effective annual rate of each of these? loans?

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aInformation provided Present value 140000 Time 5 years12 60 months Interest rate 7912 06583 per month The monthly payment is computed by entering the below in a financial calculator PV 140000 N 60 IY 06583 Press the CPT key and PMT to compute the monthly See Answer

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Left Bank has a standing rate of 7.9% (APR) for all bank loansand requires monthly payments. What is the monthly payment if aloan is for?(a?) $140,000 for 5 ?years(b?) $255,000 for 10 ?years?(c?) $1,500,000 for 25 ?yearsWhat is the effective annual rate of each of these? loans?