Tom is buying a small warehouse. The purchase price is $210,000. The bank is willing to finance 75% of the purchase price (LTV=75%) for 25 years in monthly installments at 8.75% per annum. What is the amount of the mortgage payment? Remember mortgage payment is monthly

Answer rating: 100% (QA)

Given Purchase price 210000 LoantoValue ratio LTV 75 Loan term 25 years Interest rate 875 per annum ... View the full answer