A new school building was recently built in the area. The entire cost of the project was $26,000,000. The city has put the project on a 30-year loan with an APR of 3.2%. There are 19,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section: Chapter Questions
Problem 27CT
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A new school building was recently built in the area. The entire cost of the project was $26,000,000. The city has put the project on a 30-year loan with an APR of 3.2%. There are 19,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.

 

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