A retail shopping center is purchased for $2.1 million. At the time of purchase, the property...
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A retail shopping center is purchased for $2.1 million. At the time of purchase, the property is financed with a 75% LTV and a 4% (annual) contract interest rate. The loan term is 10 years, but a 30-year amortization schedule has been used. At the end of year 4, the property is being sold for $2.6 million. What is the remaining mortgage balance at the end of the 4th year? O $1,475,089 O $1,214,074 O None of the choices is within $1 of the correct answer O $1,424,548 A retail shopping center is purchased for $2.1 million. At the time of purchase, the property is financed with a 75% LTV and a 4% (annual) contract interest rate. The loan term is 10 years, but a 30-year amortization schedule has been used. At the end of year 4, the property is being sold for $2.6 million. What is the remaining mortgage balance at the end of the 4th year? O $1,475,089 O $1,214,074 O None of the choices is within $1 of the correct answer O $1,424,548
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