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August 22, 2014

Homework Help: U.S. and Global Economics: Involving MATH

Posted by Mary on Wednesday, November 13, 2013 at 2:02pm.

PLZZZ.. Help I just don't understand how to calculate this

A landlord wants to acquire an additional apartment building for $250,000. The new building contains eight apartment units, which will each rent for $500 per month. The bank is willing to loan the landlord the money for a long-term, 30-year loan at a 5.5 percent interest rate. Calculate the monthly payment, and explain whether taking this loan for the new building is a smart business decision.

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