Question: You're interested in a 3 0 - year, fixed - rate loan to finance a commercial property valued at $ 5 3 0 0 0

You're interested in a

30 -

year, fixed

-

rate loan to finance a commercial property valued at $

530000 .

Your lending institution offers you the capital at an APR of

6.5

per cent for this

30 -

year term. However, your budget only permits monthly payments of $

1300 .

You offer to settle any outstanding loan balance at the end of the loan period with a single lump sum. How large should this lump sum be to keep your monthly payments at $

1300 ?

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