A new school building was recently built in the area. The entire cost of the project was $24,000,000. The city has put the project on a 20-year loan with an APR of 3.1 %. There are 23,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.
A new school building was recently built in the area. The entire cost of the project was $24,000,000. The city has put the project on a 20-year loan with an APR of 3.1 %. There are 23,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A new school building was recently built in the area. The entire cost of the
project was $24,000,000. The city has put the project on a 20-year loan with
an APR of 3.1 %. There are 23,000 families that will be responsible for
making monthly payments towards the loan. Determine the total amount
that each family should be required to pay each year to cover the cost of
the new school building. Round your answer to the nearest cent, if
necessary.
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