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What are the monthly payments that you need to make

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Question - Based on the roaring success of electronics sales in your store, you want to expand and increase your storage space to accommodate more models of laptops, phones, televisions, and gaming consoles. You make some calculations and realize that you must take a total loan of $400,000 to cover the cost of land and building expenses. The bank is willing to give you a 7-year loan at a cost of capital of 7% with monthly payments. What are the monthly payments that you need to make to the bank for the duration of 7 years?

Reference no: EM132791402

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