Question: I need some help I don't what I am doing wrong Lucy is taking out an amortized loan for - to open a small business

I need some help I don't what I am doing wrong

Lucy is taking out an amortized loan for - to open a small business and is decluing between the offers from him lenders. She wants to know which one would be the better deal over the life of the small business loan, and by how much. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of nancial formulas. (a) A bank has offered her a 10-year small business loan at an annual interest rate of 11.3 %. Find the monthly payment. $ll] (b) A savings and loan association has offered her a 8-year small business loan at an annual interest rate of 14.2%. Find the monthly payment. $D (c) Suppose Lucy pays the monthly payment each month for the full term. which lender's small business loan would have the lowest total amount to pay off, and by how much? 0 Bank The total amount paid would be $ [I less than to the savings and loan association

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 Mathematics Questions!

You previously completed an assignment for me and forgot to answer the question below. 2. REVIEW THE CHAIRMAN?S LETTER TO THE SHAREHOLDERS. Summarize the major points made in the letter. Use complete...

We have accounting and non-accounting students in 3380. Therefore, the case mid-term has qualitative and quantitative options. Typically, accounting students opt for quantitative while others prefer...

Prepare Pro Forma 1996 and 1997 Financial Statements and conduct breakeven analysis to assess (1) breakeven $ sales, (2) whether CL could breakeven in 1996 or 1997 . 47 Exhibit 1 SELECTED MARKET...

3page write-up case analysis. See the attached file. BAKE ME A CAKE, IVEY W13020 Format 3 pages MAX including all narrative, tables, charts, graphs , etc...BEAUTIFUL LOOK (maximum length does not...

Describe the customer value proposition, profit model, core capabilities, and dynamic capabilities that underlay Prosper's business model. Note that Prosper's 'matching' service involves two sets of...

THE SHOPPES AT RIVERSIDE Fonda L. Carter, Columbus State University Kirk Heriot, Columbus State University CASE DESCRIPTION This case asks the students to recommend a decision to a group of...

What to Consider When Going Through The Dissolution of a Business Due to COVID- 19 Posted on August 13, 2020 The ongoing COVID-19 pandemic has taken a major toll on businesses throughout the nation....

CASE: E-597 DATE: LENDING CLUB One afternoon late in March 2016, Charles Moldow hung up the phone at Foundation Capital, his venture capital firm. He and Renaud Laplanche, the founder and CEO at...

The Federal Reserve Is Changing What It Means to Be a Central Bank By lending widely to businesses, states and cities, the Fed is breaking taboos about who gets money to prop up a frozen U.S. economy...

Please read the two short articles that follow: What is your response to the findings of this study? Might those findings have a more universal application? What factor or factors would make you...

1. Why did Tescos initial international expansion strategy focus on developing nations? 2. How does Tesco create value in its international operations? 3. In Asia, Tesco has a long history of...

Show that when a photon of energy E is scattered from a free electron at rest, the maximum kinetic energy of the recoiling electron is givenby E? Kenax E + mc 12

Shera Company just completed its second year of operations. The comparative income statements for these years are as follows: 20X1 20X2 Sales revenue $500,000 $800,000 Cost of goods sold 300,000...

How does Matteo Garrone's Gomorra differ from Hollywood gangster films?