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How much do you need to invest into an account today with 7% monthly compounded interest in order to have $500,000 fifteen years from now?

You are the owner of the New Orleans Saints. Let's say you take out a loan for $250 million to build new luxury boxes in your stadium. The interest rate on the loan is 7.5%, compounded yearly. It is a 15-year term for paying back the loan. What would be your yearly payment? How much is paid in total?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91598133

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