Right Bank’s loan has an Annual Percentage Rate (APR) of 9.38%. The annual percentage rate (APR) is the cost to borrow money. It includes the interest rates, as well as any fees and charges.
The monthly payment for a loan with Right Bank’s APR can be calculated using the following formula:
The Monthly Payment is L[(1 + i)^n]/ [(1+i)^n – 1],
The loan amount is L, the interest rate is i divided by 12, (the number months in the year), and the payment number is n. So, if we assume that a person borrows $10,000 over 5 years and uses Right Bank’s 9.38% EAR interest rate then their monthly payments would be $206.53.
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