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Calculate the monthly payment and what is resulting value

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Question 1: 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?

Question 2: A business takes out a loan for $250,000 at 4.8% interest compounded monthly. If the business can afford to make monthly payments of only $1,500 on the loan, what is the formula to calculate the number of months required to repay the loan completely? What is the formula result?

Question 3: Review your calculations from question #2 to assume that the business can afford only a $1,000 payment. What is the revised formula and resulting value?

Reference no: EM132671501

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