Denise need to make to reach her retirement goal

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Reference no: EM132000937

1. Your firm intends to finance the purchase of a new construction crane. The cost is? $1,500,000. What is the size of the first payment if the crane is financed with an interestminus−only loan at an annual rate of 8.50%?

A. $127,500.00

B. $3,391,475.16

C. $228,611.56

D. There is not enough information to answer this question.

2. Payments with periodic rates.

Denise has her heart set on being a millionaire. What payment does Denise need to make at the end of each month over the coming 42 years at 7% APR to reach her retirement goal of $1.15 million?

What monthly payment does Denise need to make to reach her retirement goal?

$______

Reference no: EM132000937

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