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Right Bank offers EAR loans of 8.61% and requires a monthly payment on all loans.
a) What is the APR for these monthly loans
b) What is the monthly payment for a loan of
(1) $220,000 for 7 years,
(2) $475,000 for 14 years
(3) $1,050,000 for 32 years
Financial Management, Finance
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