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belka [17]
3 years ago
13

Max's Kennels spent $220,000 to refurbish its current facility. The firm borrowed 60 percent of the refurbishment cost at 5.95 p

ercent interest for six years. What is the amount of each monthly payment?
Business
1 answer:
d1i1m1o1n [39]3 years ago
7 0

Answer:

The monthly payment is $2184.52

Explanation:

Given

Total\ Amount\ Spent\ = $220,000

Amount\ Borrowed = 60\%

Rate = 5.95\%

Duration = 6\ years

Required

Monthly\ Payment

Firstly, the loan amount has to be calculated

The Question says; of the total amount spent, only 60% was borrowed;

So;

Loan = 60\%\ of\ 220,000

Loan = 132,000

The monthly payment can then be calculated using the following formula

Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}

Where P = Loan Amount = 132,000

r = rate of payment = 5.95% = 0.0595

n = duration (in month)

n = 6 years

n = 6 * 12 months

n = 72 months;

Substitute the above parameters in the formula;

Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1} becomes

Amount = 132,000 * \frac{0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(\frac{12.0595}{12})^{72}}{(\frac{12.0595}{12})^{72} - 1}

Amount = 654.5 * \frac{(1.0049583)^{72}}{(1.0049583)^{72} - 1}

Amount = 654.5 * \frac{1.42777239524}{1.42777239524 - 1}

Amount = 654.5 * \frac{1.42777239524}{0.42777239524}

Amount = 2184.51925155

Amount = 2184.52\ (Approximated)

<em>Hence, the monthly payment is $2184.52</em>

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