Your firm has taken out a $452,000 loan with 8.7% APR (compounded monthly) for some commercial property.
Question:
Your firm has taken out a $452,000 loan with 8.7% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a five year loan based on a 15-year amortization. This means that your loan payments will be calculated as if you will take 15 years to pay off the loan, but you actually must do so in five years. To do this, you will make 59 equal payments based on the 15-year amortization schedule and then make a final 60th payment to pay the remaining balance.
a. What will your monthly payments be?
b. What will your final payment be?
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Heres how to calculate your monthly payments and final payment for the commercial real estate loan Loan Details Loan amount L 452000 Interest rate I 8...View the full answer
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Related Book For 
Fundamentals Of Corporate Finance
ISBN: 9781292437156
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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