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The owners of a s uc c es s ful res taurant want a loan for $50,000 to renovate the k itc hen and ex pand the dining room.
1. The owners of a s uc c es s ful res taurant want a loan for $50,000 to renovate the k itc hen and ex pand the dining room. They ex pec t that the ex tra tables will add between $2,000 and $5,000 to the res taurant’s monthly revenue. The bank is willing to let the bus ines s have an intermediate-term loan of $50,000 for five y ears at an interes t rate of 6.5 perc ent. Calc ulate the monthly pay ment and ex plain whether tak ing this loan is a s mart bus ines s dec is ion. (10 points ) 2. A landlord wants to ac quire an additional apartment building for $250,000. The new building c ontains eight apartment units , whic h will eac h rent for $500 per month. The bank is willing to loan the landlord the money for a long-term, 30-y ear loan at a 5.5 perc ent interes t rate. Calc ulate the monthly pay ment and ex plain whether tak ing this loan for the new building is a s mart bus ines s dec is ion. (10 points ) 3. An online s tore that has been s uc c es s fully growing on its initial angel inves tment and revenue wants to inves t $5 million to ex pand the bus ines s . The bank is willing to lend the bus ines s this money at a 10 perc ent interes t rate over an eight-y ear term. Calc ulate the monthly pay ment and ex plain what the bus ines s mus t be able to do with this money in order for this to be a s mart bus ines s dec is ion.
