Posted by **Becky** on Monday, November 12, 2012 at 9:01pm.

my scenario, to start a small business you will need a loan of $50.000 to purchase the restaurant. The bank interest rate 9% that compounds monthly for 7 years. What is the monthly payment for this loan, what is the fomula that you will use and the values for each variable to calculate the monthly payment. What is the unpaid balance at the end of the year? Show the formula that you used and the values used for each vairable 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 varible to calcuate the unpaid balance at the end of the 6th year.