Question: Brief Exercise 9.4 (Algo) Compute total interest on installment notes (L09-2) A company purchases a small office building as its new headquarters. The building cost
Brief Exercise 9.4 (Algo) Compute total interest on installment notes (L09-2) A company purchases a small office building as its new headquarters. The building cost $770,000. To purchase the building, the company issues a 15-year installment note with 5% interest. The company is considering two options: a. Pay 50 down and make monthly payments of $6,08911 over 15 years. b. Pay $151,000 down and make payments of $4,895.01 over 15 years. For each option, determine (t) the total cash paid for the building over 15 years, including the down payment, and (2) total interest pald over 15 years. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) 01. Total cash paid in option (a) b1. Total cash paid in option (b) 12. Total interest paid in option() 62. Total interest paid in option (b)
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