A manufacturer needs to borrow money to purchase a building. The purchase price of the building is $1.5 million, and the company will put $300,000 in cash down at closing. If the company can borrow the difference from its bank at 4.85% for 20 years, what will the monthly principal and interest payment of the loan be? Create an amortization schedule also.

Answer rating: 100% (QA)

Loan Amount and Monthly Payment Loan amount 15 million purchase price ... View the full answer