Left Bank has a standing rate of 7.9% (APR) for all bank loans and requires monthly...

90.2K

Verified Solution

Question

Finance

Left Bank has a standing rate of 7.9% (APR) for all bank loansand requires monthly payments. What is the monthly payment if aloan is for
?(a?) $140,000 for 5 ?years
(b?) $255,000 for 10 ?years
?(c?) $1,500,000 for 25 ?years
What is the effective annual rate of each of these? loans?

Answer & Explanation Solved by verified expert

4.0 Ratings (668 Votes)

aInformation provided Present value 140000 Time 5 years12 60 months Interest rate 7912 06583 per month The monthly payment is computed by entering the below in a financial calculator PV 140000 N 60 IY 06583 Press the CPT key and PMT to compute the monthly See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Left Bank has a standing rate of 7.9% (APR) for all bank loansand requires monthly payments. What is the monthly payment if aloan is for?(a?) $140,000 for 5 ?years(b?) $255,000 for 10 ?years?(c?) $1,500,000 for 25 ?yearsWhat is the effective annual rate of each of these? loans?

Left Bank has a standing rate of 7.9% (APR) for all bank loans and requires monthly...

90.2K

Verified Solution

Question

Finance

Left Bank has a standing rate of 7.9% (APR) for all bank loansand requires monthly payments. What is the monthly payment if aloan is for
?(a?) $140,000 for 5 ?years
(b?) $255,000 for 10 ?years
?(c?) $1,500,000 for 25 ?years
What is the effective annual rate of each of these? loans?

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

Describe the structures and functions of the neurons and neuroglia of the cerebrum, the cerebellum, the...

Which structure s is are highlighted O periosteum O trabeculae of woven bone O trabeculae...

Two small balls each of mass 8 5 g are attached to silk threads 80...

23 Given Find 24 Given Find DE 4 AC 20 EC BC BC AD 4...

30 10 2X y

A principal of $1600 is invested at 8.75% interest, compounded annually. How many years will...

Consider the ellipse with equation(x + 9)/3 + (y - 3)/2 = 1The semimajor axis...

Find the solution of the simultaneous linear differential equations dx dt dy 2x2y 4e 2t...

The management team of Bouncy Inc. would like to learn more about the...

12. Joan opens a bank the monies in the account to he What has Joan...

P7-11 (similar to) Fenway Athletic Club plans to offer its members preferred stock with a...

1. Jose is the owner of an accounting firm and tends to hire recent college...