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Payday Loan in Rhode Island

    Holly Kresch is thinking of buying a home for $263,800. State Bank advertises an 80%, 30-year simple interest amortized loan at 6 and 1/4 % interest, with an APR of 7.13%. Boonville Savings and Loan advertises an 80%, 30-year simple interest amortized loan at 6 and 1/2 % interest with an APR of 7.27%. Find Holly's monthly payment if she borrows through State Bank. (Round the answer to the nearest cent.) Payment=$ ____

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