How much should the group borrow

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Reference no: EM13933506

The Omega Venture Group needs to borrow to Finance a project. Repayment of the loan involves payments of $5660 at the end of every six months for six years. No payments are to be made during the development period of two years. Interest is 9% compounded annually.

(1) How much should the group borrow?

(2) What amount will be repaid?

(3) How much of that amount will be interest?

(All answers in dollars rounded to the nearest cent)

Reference no: EM13933506

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