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You are contemplating taking a loan to expand your business. If the loan is approved, you...

You are contemplating taking a loan to expand your business. If the loan is approved, you could increase your profit by $6,000 per month, so you do not wish to pay more than that amount in monthly loan payments. The amount you would need to borrow to implement this expansion is $300,000. The bank is offering an interest rate of 4.25% per year. What is the shortest loan duration you would accept?

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Answer is as follows:

jeff jeffy answered 2 years ago
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