Question: A small business refits its store. The builders charge them $121,000 which will be paid back in monthly installments over three years at 7.5%APR. The

A small business refits its store. The builders charge them $121,000 which will be paid back in monthly installments over three years at 7.5%APR. The builders will reduce this rate to

7% APR if they pay $2420 up front. By approximately how much will this reduce the monthly loan repayments ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

The U.S. Census Bureau occasionally surveys business owners and learns which firms are predominantly owned by women. These data are a portion of the results reported in 2010 from the 2007 Survey of...

Q:

A small business refits its store. The builders charge them $125,000, which will be paid back in monthly installments over three years at 6% APR. The builders will reduce this rate to 5.5% APR if...

Q:

A small business refits its store. The builders charge them $128,000 which will be paid back in monthly installments over three years at 8.6% APR. The builders will reduce this rate to 8.1% APR if...

Q:

A small business refits its store. The builders charge them $128,000 which will be paid back in monthly installments over three years at 8.7%APR. The builders will reduce this rate to 8.2%APR if they...

Q:

A small business refits its store. The builders charge them $125,000, which will be paid back in monthly installments over three years at 6% APR. The builders will reduce this rate to 5.5% APR if...

Q:

Places answer all question. Thanks Question 2 1.5 pts A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to deposit a fixed...

Q:

A small business repairs its store. The builders charge them $130,000 which will be paid back in monthly installments over three years at 6.80% APR. The builders will reduce this rate to 6.30% APR if...

Q:

A small business repairs its store. The builders charge them $130,000 which will be paid back in monthly installments over three years at 6.80% APR. The builders will reduce this rate to 6.30% APR if...

Q:

A small business repairs its store. The builders charge them $130,000 which will be paid back in monthly installments over three years at 6.80% APR. The builders will reduce this rate to 6.30% APR if...

Q:

A small business repairs its store. The builders charge them $350,000 which will be paid back in monthly installments over six years at 4.30% APR. The builders will reduce this rate to 3.50% APR if...

Q:

A small business repairs its store. The builders charge them $350,000 which will be paid back in monthly installments over six years at 4.30% APR. The builders will reduce this rate to 3.50% APR if...

Q:

Consider different cell phones models available in the market. 1. Identify customer needs and requirements and rank them. 2. Identify engineering characteristics. 3. Build a complete house of quality...

Q:

Why is the dollar-value LIFO method useful? a. Because it overcomes the problem of LIFO liquidations. b. Because base year dollars are difficult to obtain. c. Because the traditional LIFO method is...

Q:

uestion 3 a . What are the differences among a limit buy order, a limit sell order, and a market order? [ 3 marks ] b . How does buying on margin magnify both the upside potential and the downside...

Q:

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".