Calculate the APR for each loan given the specifics in each case.
(a) $40,000 simple interest loan with payments made each year so that an equal $10,000 in principal is paid with each payment, the loan is paid off in four quarterly payments over a year, and the stated rate on the loan is 3.50%.
(b) $40,000 add-on loan paid off in one year with four quarterly payments at a stated rate of 3.50%.
(c) $40,000 discount loan paid off in one year (with one payment) at a stated rate of 3.50%.
(d) $40,000 installment loan paid with four quarterly payments with a stated rate of 3.50%.
(e) Re-work “D” if there were a $2,000 loan application fee associated with the loan.
(f) Provide the amortization table for the loan in E.