Piece of real estate for the future site of new project

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Reference no: EM131602493

Brewers Resorts is considering the purchase of a piece of real estate for the future site of a new project. The real estate costs $5 million. A bank has offered to finance the purchase at a 7 percent interest rate with a 10 percent down payment. The loan would be repaid with 15 equal, annual, end-of-year payments. If Brewer borrows $ 4.5 million (90 percent of 5 million), what is the amount of each payment?

Reference no: EM131602493

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