Solve the Problem Using the Loan Payoff Table or an Amortization

question 56

Multiple Choice

Solve the problem using the loan payoff table or an amortization table.
-If you borrowed $5,738,447.10 at 9% interest paid monthly for 3 years, what is the amount of each payment?

• A)$185,179.69
• B)$182,482.62
• C)$159,815.75
• D)$179,842.93

---

Definitions:

The Franchise Handbook

A comprehensive guide for individuals interested in buying into a franchise, detailing the processes, legal requirements, and potential challenges.

International Franchise Association

A trade group representing the franchising sector, striving to promote and safeguard the interests of franchise businesses globally.

Franchisee

An individual or business entity that is granted the right by a franchisor to operate a business under the franchisor's trademark and business model.

Capital

Capital refers to the financial resources or assets that are available for use in the production of further goods and services, including funds, equipment, and property.