love Chapter 8 Assignment Mathematics 30-3 Mathematics 30-3 Chapter 8 Assignment Part 3: Choosing a loan (Operational costs, Part !) Loan options Number of Payment Total Interest Rate Term Length Payments Based upon the start-up costs you identified in Part 2, decide on how large a start-up Loan (years) (monthly) mount (5) Amount (Prime + 1.5%) Paid (5) loan you will need. Choose a financial institution from which to get a loan to cover your start-up costs. 1. Start-up loan for $ 2.Do0 Name of financial institution: TO Your choice Determine the prime rate of lending of that financial institution and write the Less than B date you found the prime rate. Note: If unsure of where to find this, check a bank's website or call a local bank. Your choice More than A Prime Rate: 15J Date _June 4 Estimate the lending rate of the financial institution to be 15% higher than the prime rate. Choose one of the above loans for your business and explain. Lending Interest Rate: 100 lerthing Woreogn all the loans ipen plans a wood inte my small business Search online for calculators that determine the number of payments or the payment amount of loans. Two calculators are available on the Unit F Resources and Multimedia page online (http:/d2ladleca). Determine the number of payments given the payment amount and interest rate or the payment amount given the interest rate and the number of payments. Then, determine the total amount paid on each loan by multiplying the number of payments by the payment amount. Note: If you do not have access to the Internet, please contact your teacher. End of Lesson 1 Return to Unit F, Chapter 8 and begin Lesson 2. Alberta Distance Learning Centre Alberta Distance Learning Centre