Question: Please explain the solution and why do we have to convert EAR to APR? Suppose the Bank of Montreal is offering a 30-year mortgage with

Please explain the solution and why do we have to convert EAR to APR?

Suppose the Bank of Montreal is offering a 30-year mortgage with an EAR of 6.375%. If you plan to borrow $200,000, what will your monthly payment be? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $ 1389.562095(Round to the nearest cent.)

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