How much do you need to invest into an account today with 7% monthly compounded interest in order to have $500,000 fifteen years from now?
You are the owner of the New Orleans Saints. Let's say you take out a loan for $250 million to build new luxury boxes in your stadium. The interest rate on the loan is 7.5%, compounded yearly. It is a 15-year term for paying back the loan. What would be your yearly payment? How much is paid in total?