Left Bank has a standing rate of 8% (APR) for all bank loans, and requires monthly payments.
Question:
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
(c) $1,000,000 for 25 years?
What is the effective annual rate of each of these loans?
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