SOLUTION: I have a loan for an bakery shop of 80,000 from family, and 38,250 from the bank, to be paid back in 10 years. what integer would repersent my total budget?

Question 259694: I have a loan for an bakery shop of 80,000 from family, and 38,250 from the bank, to be paid back in 10 years. what integer would repersent my total budget?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
I can give you the formulas to use, but if all you are interested is the results then you are better off using an online calculator.

the following calculator will do the math for you.

http://www.planningtips.com/cgi-bin/simple.pl

all you do is the following:

enter the loan amount.
enter the annual interest rate per year.
enter the number of years.

the calculator will tell you the monthly payment.

to find out what your total monthly payments will be, do the following:

for the family loan:

enter 80000 for the loan amount (eighty thousand).

enter whatever annual interest rate your family requires. If 0%, then enter 0. If 5%, then enter 5, if 8%, then enter 8, etc.

enter the number of years of the loan (10 I beiieve is what you indicated).

left click on the calculate button.

the answer will appear and you will need to copy it down on a piece of paper somewhere under family loan.

left click on return to calculator.

for the bank loan:

enter 38250 for the loan amount.

enter whatever annual interest rate the bank requires.

enter the number of years.

left click on the calculate button.

the answer will appear and you will need to copy it down on a piece of paper somewhere under bank loan.

add the two payment numbers together and that is your monthly budget for paying off the loans.

for example:

family lends you 80000.
family interest rate per year is 5%
number of years is 10

family payment is calculated to be 848.50 per month

bank lends you 38250.
bank interest rate per year is 15%
number of years is 10

bank payment is calculated to be 617.11 per month.

total monthly budget for payment on loans is 848.50 + 617.11 = $1,465.61.

this is for example only.

interest rates your family requires and bank requires are specific to your family and your bank.

if you need formulas, then let me know and I'll send you formulas.

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