Question
Tom is taking out an amortized loan for $92,000 to open a small business and is deciding between the offers from two lenders. He wants
Tom is taking out an amortized loan for $92,000 to open a small business and is deciding between the offers from two lenders. He wants to know which one would be the better deal over the life of the small business loan, and by how much.
Answer each part. Do not round intermediate computations, and round your answers to the nearest cent.
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A bank has offered him a 10-year small business loan at an annual interest rate of 11.1%. Find the monthly payment.
$ ?
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His credit union has offered him a 8-year small business loan at an annual interest rate of 13.9%. Find the monthly payment.
$ ?
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Principles Of Banking
Authors: Allyn C Buzzel
11th Edition
089982689X, 9780899826899
