A few years ago Dimi bought himself a house. He received a loan from his bank...
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A few years ago Dimi bought himself a house. He received a loan from his bank of 250,000 euros that he needed to pay back with constant monthly payments during 20 years at r1/12 = 0.12%. After five years of paying back the loan, Dimi wants to borrow an additional amount to buy a warehouse for his business. The amount is equal to the principal that has been repaid in that period. How much can he borrow? A few years ago Dimi bought himself a house. He received a loan from his bank of 250,000 euros that he needed to pay back with constant monthly payments during 20 years at r1/12 = 0.12%. After five years of paying back the loan, Dimi wants to borrow an additional amount to buy a warehouse for his business. The amount is equal to the principal that has been repaid in that period. How much can he borrow?
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Step 11 Step 1First we need to determine the monthly payment made to service the loan by using the r... View the full answer
Related Book For
Project Management The Managerial Process
ISBN: 9781260570434
8th Edition
Authors: Eric W Larson, Clifford F. Gray
Posted Date:
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