Question
Identify monthly payment of loan balance from the data given below A loan has closed on a 13-unit building. Initial loan amount- $5100000 Interest- 5.75%
Identify monthly payment of loan balance from the data given below
A loan has closed on a 13-unit building.
Initial loan amount- $5100000
Interest- 5.75%
Term- 10 yrs
Amortization- 30-year
1.5% loan fee paid at closing.
1. Identify monthly payment, loan balance when the loan matures, end of five year balance, effective interest rate if note is held?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To calculate the monthly payment we can use the PMT function in Excel or a financial calculator The PMT function takes into account the loan amount in...
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Mathematical Statistics With Applications In R
Authors: Chris P. Tsokos, K.M. Ramachandran
2nd Edition
124171133, 978-0124171138
