Wizard Corp. needs to take out a one-year bank loan of $550,000 and has been offered...
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Wizard Corp. needs to take out a one-year bank loan of $550,000 and has been offered loan terms by two different banks. One bank has offered a simple interest loan of 12% that requires monthly payments. The loan principal will be paid back at the end of the year. Another bank has offered 9% add-on interest to be repaid in 12 equal monthly installments.. Based on a 360-day year, what will be the monthly payment for each loan for November? (Hint: Remember that November has 30 days.) Simple interest monthly payment $ [Select] Add-on interest monthly payment $ [Select] Wizard Corp. needs to take out a one-year bank loan of $550,000 and has been offered loan terms by two different banks. One bank has offered a simple interest loan of 12% that requires monthly payments. The loan principal will be paid back at the end of the year. Another bank has offered 9% add-on interest to be repaid in 12 equal monthly installments.. Based on a 360-day year, what will be the monthly payment for each loan for November? (Hint: Remember that November has 30 days.) Simple interest monthly payment $ [Select] Add-on interest monthly payment $ [Select]
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