A new school building was recently built in the area. The entire cost of the project was $26,000,000. The city has put t
Posted: Thu Apr 28, 2022 10:58 am
A new school building was recently built in the area. The entire
cost of the project was $26,000,000. The city has put the project
on a 30 -year loan with an APR of 2.7%. There are 23,000
families that will be responsible for making monthly payments
towards the loan. What is the total amount that each family should
be required to pay each year to cover the cost of the new school
building. Round your answer to the nearest cent, if necessary.
cost of the project was $26,000,000. The city has put the project
on a 30 -year loan with an APR of 2.7%. There are 23,000
families that will be responsible for making monthly payments
towards the loan. What is the total amount that each family should
be required to pay each year to cover the cost of the new school
building. Round your answer to the nearest cent, if necessary.