Left Bank has a standing rate of 8% (APR) for all bank loans, and requires monthly payments.

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Left Bank has a standing rate of 8% (APR) for all bank loans, and requires monthly payments. What is a monthly payment if a loan is for

(a) $100,000 for five years,

(b) $250,000 for ten years, or

What is the effective annual rate of each of these loans?

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Financial Management Core Concepts

ISBN: 978-0132671033

2nd edition

Authors: Raymond M Brooks

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Question Posted: May 08, 2014 08:07 AM

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Left Bank has a standing rate of 8% (APR) for all bank loans, and requires monthly payments.

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a For 100000 over five years Mode PY 12 CY 12 Input 60 80 100000 0 Keys N IY PV PMT FV CPT 20...View the full answer

Financial Management Core Concepts

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