new school building was recently built in the area. The entire cost of the project was $26,000,000$26,000,000. The city has put the project on a 3030-year loan with an APR of 2.6%2.6%. There are 15,00015,000 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
new school building was recently built in the area. The entire cost of the project was $26,000,000$26,000,000. The city has put the project on a 3030-year loan with an APR of 2.6%2.6%. There are 15,00015,000 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
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 new school building was recently built in the area. The entire cost of the project was $26,000,000$26,000,000. The city has put the project on a 3030-year loan with an APR of 2.6%2.6%. There are 15,00015,000 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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