What is the APR for these monthly loans

Assignment Help Financial Management

Reference no: EM131912075

Right Bank offers EAR loans of 8.61% and requires a monthly payment on all loans.

a) What is the APR for these monthly loans

b) What is the monthly payment for a loan of

(1) $220,000 for 7 years,

(2) $475,000 for 14 years

(3) $1,050,000 for 32 years

Reference no: EM131912075

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