# Home purchase ANS - 19789

Solution Posted by

## studentlance

Rating : (5)F
Solution Detail
Price: \$10.00
• Posted on: Fri 26 Jul, 2013
• Request id: None
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Request Description

Home purchase

You find that a small business loan in the amount of 50,000 is the amount you need to purchase the restaurant location. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% interest that compounds monthly for 7 years

Should use PMT etc.

1. What is the monthly payment for this loan?
2. Show the formula that you used and the values used for each variable to calculate the monthly payment.
3. What is the unpaid balance of the loan at the end of the 1st year?
4. Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 1st year.
5. What is the unpaid balance at the end of the 6th year? Show the formula that you used and the values used for each variable to calculate the unpaid balance at the end of the 6th year.

Solution Description

C               =

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