A restaurant manager has the option of a 30-year loan of $415,000 at an annual interest rate of 3.85% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year $? 15-year $? (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)
A restaurant manager has the option of a 30-year loan of $415,000 at an annual interest rate of 3.85% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year $? 15-year $? (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)
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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A restaurant manager has the option of a 30-year loan of $415,000 at an annual interest rate of 3.85% or the same interest rate but on a loan for 15 years.
(a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.)
30-year $?
15-year $?
(b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)
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