budget question 1

Budgeting for debt Service payment You are the financial manager for the nonprofit Mobile Health, which needs to replace its mobile medical unit to continue providing diagnostic service and preventive medicine to city residents. The van costs $120,000, and a city bank is willing to lend the nonprofit the money at an interest rate of 6 percent amortized over five years in an equal debt payment schedule. Payments are due at the end of each month, and interest is compounded monthly. How much should you budget for the monthly payment.

Work must be shown, preferably in excel.

 

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