Posted by **Kimberly** on Thursday, December 15, 2011 at 5:21pm.

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 is the monthly payment for this loan?

Show the formula that you used and the values used for each variable to calculate the monthly payment.

What is the unpaid balance of the loan at the end of the 1st year?

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.

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.

## Answer This Question

## Related Questions

- business - You find that a small business loan in the amount of 50,000 is the ...
- Math for Professionals - You find that a small business loan in the amount of 50...
- algebra - 50,000 is the amount you need to purchase the restaurant location. ...
- algebra - 50,000 is the amount of a loan needed to purchase a restaurant ...
- Algebra - You find that a small business loan in the amount of 50,000 is the ...
- CTU - Part IV: You find that a small business loan in the amount of 50,000 is ...
- Math 141 - You find that a small business loan in the amount of 50,000 is the ...
- Algebra - You have just graduated from college and landed your first big job. ...
- algebra - You have just graduated from college and landed your first big job. ...
- ALGEBRA - Part III: Mathematics of Finance You have just graduated from college ...

More Related Questions