Question
19. Your company takes out a 8-year term loan to borrow $2,575,000 to finance a building expansion. The annual interest rate on the loan is
19. Your company takes out a 8-year term loan to borrow $2,575,000 to finance a building expansion. The annual interest rate on the loan is 4.6% and equal payments are made monthly. How much will the monthly payment be?
20. Referring back to question #19, how much total interest will the company be paying over the life of the term loan?
Please includ the formula
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Financial Management For Public, Health, And Not-for-Profit Organizations
Authors: Steven A. FinklerDaniel L. Smith, Thad D. Calabrese
6th Edition
978-1506396811, 150639681X
