Question: 1 . Consider a $ 4 . 4 million loan that is used to finance the acquisition of an apartment building. The loan has a

1. Consider a $4.4 million loan that is used to finance the acquisition of an apartment building. The loan has a 3.15% interest rate and will be amortized over 30 years. The term to maturity is 5 years. a) What is the mortgages monthly debt service? b) What is the mortgages annual debt service? c) How much principal does the borrower pay in Month 6? d) How much interest does the borrower need to pay in Month 9? e) How much principal will the borrower repay during Year 3? f) How much interest will the borrower pay in the Year 4? g) What is the outstanding loan balance at the end of Month 4? h) What is the outstanding loan balance at the end of Month 32? i) What is the loans balloon payment?

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