Pops Diner needs a new location. They plan to spend $70,000 to refurbish an old shop...
Pops Diner needs a new location. They plan to spend $70,000 to refurbish an old shop to create the new facility. The firm borrows 80 percent of the refurbishment cost at 6 percent interest for 10 years. What is the amount of each monthly payment? $621.71 $714.49 $816.41 $512.33
Homework Answers
rate positively ..
| Loan amount = | 56000 | |
| 70000*80% | ||
| Put in calculator | ||
| FV | 0 | |
| PV | -56000 | |
| I | 6%/12 | 0.50% |
| N | 10*12 | 120 |
| compute PMT | $621.71 | |
| ans = | $621.71 |
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