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You just borrowed $ 85,000 at 8.25% per annum over 30 years to build a sea-side...

  1. You just borrowed $ 85,000 at 8.25% per annum over 30 years to build a sea-side gazebo for your hotel. What are your monthly payments going to be?
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Answer #1

Ans $ 7729.13

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
P = (8.25%)*85000
1 - (1 / (1 + 8.25%)^30))
P = 7012.5
0.907282257
P = 7729.13
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