A client is seeking our advice regarding a mortage property for property investment. The plan is to
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A client is seeking our advice regarding a mortage property for property investment. The plan is to have $150000 as a downpayment by the end of year 5, and buy a $1000000 house with $850000 from a mortage. The client would like to follow a fixed quarterly saving plan to achieve the goal of $150000 by the end of year 5, with the first saving made today. The mortage repayment will be paid on a monthly basis with 30 years term. The interest rate is assumed to be stable at 0.05. Please advise the quarterly saving plan and the monthly mortgage repayment.
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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