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How would this affect your monthly payment to the bank

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Your restaurant needs some kitchen remodeling, and the proposal for a new dishwasher is $55,000. Your banker will make you a loan at 8% interested compounded monthly over the next five years. What would be your monthly debt service payment to the bank? If your banker required a 10% down payment, how would this affect your monthly payment to the bank?

Reference no: EM131891037

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