Problem:
Regent Supply wants to build a new office building. The firm has budgeted monthly payments of $26,000 for 25 years at 7.8 percent, compounded monthly.
Required:
Based on this budget, how much can the firm afford to borrow to build the building?
$23,219,414
$3,427,301
$3,6666,667
$4,028,407
Note: Explain all steps comprehensively.