October 5, 2015

Homework Help: Math for Professionals

Posted by Sherry on Monday, September 19, 2011 at 4:36pm.

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.
What formula do I use to solve this problem.

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