Seneca Medical has agreed to purchase a new children's entertainment area for patients that will be in hospital for long periods of time. The new area will cost $60,000 to have installed. The management team plans to use $10,000 of money raised by donations as a down payment. The bank has agreed to loan the rest of the money to Seneca Medical at a reduced rate of 2.9% for 3 years.

Knowing the information above and with the skills you developed at College, use the spreadsheet and proper formulas to calculate the monthly payments/monthly interest payments/monthly principal payments and balances remaining.

Using the Children's Area worksheet complete the calculations.