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5) A business takes out a 10-year loan for $250,000 at 5.3% interest compounded monthly. What...

5) A business takes out a 10-year loan for $250,000 at 5.3% interest compounded monthly. What is the formula to calculate the monthly payment and what is the resulting value?

6) For the loan conditions specified in question 5, what are the formulas to calculate how much interest the business will pay in the first year and how much the business will repay toward the principal? What are the resulting values?

7) For the loan conditions in question 5, calculate the total cost of the loan in terms of the total interest paid through the l0 years of the loan.

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jeff jeffy answered 1 year ago
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