You have always wanted to own a restaurant and have now decided to go into business, purchase a building, and open an Italian Bistro. The items listed below provide information regarding the purchases you will need to make to start your business.

1) The building and the land it sits on will cost $250,000 and you have 20% to put down on the property. Annual taxes are $6,000 and fire and liability insurance is $3,600. Assumed that the loan is taken at 7.5% borrowing rate for a period of 10. Find the monthly payment.