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Benjamin works as an executive director for a multinational corporations. He is thinking of investing in Melbourne property market. Benjamin has borrowed a huge sum
Benjamin works as an executive director for a multinational corporations. He is thinking of investing in Melbourne property market. Benjamin has borrowed a huge sum from CBA at a rate of 15 per cent for a 12-year period. The loan calls for a payment of $1,250,000 each year beginning today. How much did Benjamin borrowed?
a.
$6,002,000
b.
$6,376,150
c.
$7,597,861
d.
$7,792,140
e.
$6,504,406
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