1. You have saved $250,000 for a down payment and have found a small apartment building that sells for $1,800,000. You obtain a mortgage for the difference for 30 years at 6.25 percent per year.
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3. Required
4. i) What will be your monthly payment?
5. ii) Suppose you prepay the loan at the end of the 4th year. What will be the balance on the loan?

Answer rating: 100% (QA)

i To calculate the monthly payment on the mortgage well use the loan amount interest rate and loan t... View the full answer