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October 21, 2014

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

Posted by Mary on Friday, November 15, 2013 at 11:06am.

Just show me how to calculate it and I'll do the rest. I just don't understand how to calculate this problem.
Thank you,

An online store that has been successfully growing on its initial angel investment and revenues wants to invest $5 million to expand the business. The bank is willing to lend the business this money at a 10 percent interest rate over an eight-year term. Calculate the monthly payment, and explain what the business must be able to do with this money in order for this to be a smart business decision.

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