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The office manager for Salk Family Practice wants to explore a longer-term loan to upgrade its appointment, medical record, and billing system. The local bank

The office manager for Salk Family Practice wants to explore a longer-term loan to upgrade its appointment, medical record, and billing system. The local bank will provide a five-year, $100,000 loan for 3.5%.


Calculate the monthly debt payment and create a 60 -month amortization schedule. 


What are the total loan payments and total interest expense? 


Why should the practice owner consider the longer loan given the higher interest expense?

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Steps Step 1 of 2 The loan amtis 100000 the rate is 35 pa and the loan term is 5 years Created below is the amortization table The table explains in d... blur-text-image

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