153 Straight bank loan.

Left Bank has a standing rate of8.3%(APR) for all bank loans and requires monthly payments. What is the monthly payment if a loan is for:

(a)$125,000for5years,

(b)$290,000for9years, or

(c)$1,100,000for25years? What is the effective annual rate of each of theseloans?

154 Straight bank loan.

Right Bank offers EAR loans of8.98%and requires a monthly payment on all loans. What is the APR for these monthlyloans? What is the monthly payment for a loan of:

(a)$220,000for5years,

(b)$440,000for10years, or

(c)$1,300,000for29years?