An industrialist acquires a credit for $ 20 million to invest in his industry and is charged an interest of 3% per month
Posted: Wed Jul 06, 2022 5:59 am
An industrialist acquires a credit for $ 20 million to invest inhis industry and is charged an interest of 3% per month. Inthe credit contract it is stipulated that the total debt ofprincipal and interest be canceled after 5 years, with a singlepayment. To cover this obligation, the industrialist must deposithalf of his monthly profits in a financial institution that pays2% monthly interest. What will be the monthly utility that theindustrialist must obtain in his company to be able to fulfill theobligation? Do not use Excel to solve it.