Bank loans and requires monthly payments

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Reference no: EM132048634

Left Bank has a standing rate of 8.4 % (APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for (a) $115,000 for 66 years, (b) $270,000 for 1212 years, or (c) $1,130,000 for 23 years? What is the effective annual rate of each of these loans?

Reference no: EM132048634

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