Question
A local business borrows $200,000 to purchase property. The loan has an annual interest rate of 8% compounded monthly and a minimum monthly payment of
A local business borrows $200,000 to purchase property. The loan has an annual interest rate of 8% compounded monthly and a minimum monthly payment of $1467.
a. Approximately how many years will it take the business to pay off the loans if only the minimum payment is made?
b. How much interest will the business pay over the life of the loan if only the minimum payment is made?
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
