Atlantic Northern Inc. needs to take out a one-year bank loan of $400,000 and has...
60.1K
Verified Solution
Link Copied!
Question
Finance
Atlantic Northern Inc. needs to take out a one-year bank loan of $400,000 and has been offered several different terms. One bank has offered a loan with 10% simple interest that requires monthly payments. The loan principal will be paid back at the end of the yer. Based on a 360-day year, what will be the monthly payment for June? (Hint: Remember that June has 30 days.) $3,333.33$3,833.33$2,666.66$4,000.00 Another bank has offered 7% add-on interest to be repaid in 12 equal monthly installments. What is the monthly payment on this add-on interest loan? $28,533.34$41,016.67$35,666.67$42,800.00
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.