Question 2 You applied for a 25-year Prime Rate mortgage loan for buying a property valued...
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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 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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Answer rating: 100% (QA)
Solution The loantovalue ratio is 90 so the loan amount is 90 of the property value Loan amount 09 9... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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