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Straight bank loan. Right Bank offers EAR loans of 8.74% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $225,000 for 6 years, (b) $470,000 for 14 years, or (c) $1,300,000 for 32 years? What is the APR for these monthly loans? D% (Round to three decimal places.)

Straight bank loan. Right Bank offers EAR loans of 8.74% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $225,000 for 6 years, (b) $470,000 for 14 years, or (c) $1,300,000 for 32 years? What is the APR for these monthly loans? D% (Round to three decimal places.)

Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
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Question 4. Was incorrect the first time. Attached is a similar question with answer. Please answer in the same format. For the first part please round to the nearest 3 decimal places

Straight bank loan. Right Bank offers EAR loans of 9.44% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $200,000 for 7 years, (b) $430,000 for 14 years, or (c) $1,050,000 for 30 years? What is the APR for these monthly loans? 9.055 % (Round to three decimal places.) (a) What is the monthly payment if a loan is for $200,000 for 7 years? $ 3,223.40 (Round to the nearest cent.) (b) What is the monthly payment if a loan is for $430,000 for 14 years? $ 4,524.27 (Round to the nearest cent.) (c) What is the monthly payment if a loan is for $1,050,000 for 30 years? $ 8,490.12 (Round to the nearest cent.)
Transcribed Image Text:Straight bank loan. Right Bank offers EAR loans of 9.44% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $200,000 for 7 years, (b) $430,000 for 14 years, or (c) $1,050,000 for 30 years? What is the APR for these monthly loans? 9.055 % (Round to three decimal places.) (a) What is the monthly payment if a loan is for $200,000 for 7 years? $ 3,223.40 (Round to the nearest cent.) (b) What is the monthly payment if a loan is for $430,000 for 14 years? $ 4,524.27 (Round to the nearest cent.) (c) What is the monthly payment if a loan is for $1,050,000 for 30 years? $ 8,490.12 (Round to the nearest cent.)
Straight bank loan. Right Bank offers EAR loans of 8.74% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $225,000 for 6 years, (b) S470,000 for 14 years, or (c) $1,300,000 for 32 years? What is the APR for these monthly loans? % (Round to three decimal places.)
Transcribed Image Text:Straight bank loan. Right Bank offers EAR loans of 8.74% and requires a monthly payment on all loans. What is the APR for these monthly loans? What is the monthly payment for a loan of (a) $225,000 for 6 years, (b) S470,000 for 14 years, or (c) $1,300,000 for 32 years? What is the APR for these monthly loans? % (Round to three decimal places.)
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