Mission Trip Part B:
Budget Plan For Mission Trip Slovenia
A mission trip to reach as many people as possible is only good if the numbers are reasonable, not only in terms of helping the population but also reaching the population with a reasonable budget. For this reason our mission trip will be going to Ljubljana, Slovenia. where the population is 279,000 as of 2014 with a growth rate of -.26% according to the CIA (CIA, 2015). This will give us a manageable number of people to reach with a rational budget.
The mission trip will have a modest budget for 10 missionaries for 30 days. Each missionary will be responsible for $5,000 for expenses which totals $50,000 which will be due one ...view middle of the document...
Adding the $6,977.00 to the $11,947.53 from the other account gives the missionaries $18,920.62 which would leave $78,494.79 to be raised by the missionaries, donated or supplied by the missionaries. If the fundraising and donations go as planned, there will be $50,000.00 added from the missionaries leaving $28,494.78. This will have to be taken out as a loan. There are two banks that have agreed to loan the missionaries the money. The first bank, Bank A will lend for 5-years at 9% APR compounded monthly with monthly payments. The second bank Bank B has a 10-year loan at 12% APR compounded monthly with monthly payments.
PMT=591.504765 a month if the loan is taken with Bank A
Bank B will 10-year loan at 12% APR compounded monthly with monthly. The formula for this is: PMT=(P*(r/N))/(1-(1+r/N)^(-N*t) ) PMT=($28494.78*(.12/12))/(1-(1+.12/12)^(-12*10) ) PMT=$284.9478/(1- 〖100〗^120/〖101〗^120 )
PMT=284.9478 a month if the loan is taken with bank B
Given that the mission will...