A restaurant manager has the option of a 30-year loan of $411,000 at an annual interest rate of 3.85% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year $ 15-year $ (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)

A restaurant manager has the option of a 30-year loan of $411,000 at an annual interest rate of 3.85% or the same interest rate but on a loan for 15 years. (a) Calculate the monthly payment for each loan. (Round your answers to the nearest cent.) 30-year $ 15-year $ (b) Calculate the savings in interest by using the 15-year loan. (Round your answer to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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