Question: Question 2 You applied for a 25-year Prime Rate mortgage loan for buying a property valued at $9,800,000. The interest rate P-2.65% is compounded

You applied for a 25-year Prime Rate mortgage loan for buying a property valued at ( $ 9,800,000 ). The interest rate (

Question 2 You applied for a 25-year Prime Rate mortgage loan for buying a property valued at $9,800,000. The interest rate P-2.65% is compounded monthly, where the current Prime Rate is 5.5%. Assuming the Prime Rate does not change during the loan period and the payment is paid monthly, what is your total interest expense if the loan-to-value ratio is 90%? Assume you opt for single MIP premium payment 1 without financing. ~ 2 3 LO LO 5 6 7 8 00

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Solution The loantovalue ratio is 90 so the loan amount is 90 of the property value Loan amount 09 9... View full answer

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