You are considering a $$40,000($add$-$on$)$ installment loan. The stated rate of interest is $7\%,$ and five monthly payments will be made.

Find the loan amount

Find the amount of interest.

Find the monthly payment.

Find the period interest rate.

Find the annual percentage rate $($APR$)$ for this installment loan.

Find the effective annual rate $($EAR$)$ for this installment loan.

Bumpas Enterprises purchases $$6,162,500$ in goods per year from its sole supplier on terms of $\frac{2}{15},$ net $40.$

Find $m$ and period interest rate

Find the annual percentage rate $($APR$)$

Find the effective annual rate $($EAR$).$