A company borrows 26 million for 15 years at 56 compounded, Engineering Mathematics

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A company borrows 26 million for 15 years at 56 compounded

Question: A company borrows $2.6 million for 15 years at 5.6%, compounded quarterly. After 2 years of regular payments, the company's profits are such that management feels they can increase the quarterly payments to $70,000 each. How long will it take to pay off the loan, and how much interest will be saved?

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Engineering Mathematics: A company borrows 26 million for 15 years at 56 compounded

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Engineering Mathematics: A company borrows 26 million for 15 years at 56 compounded

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