Laura's company buys a property valued at $15,000,000 and finances the purchase with an 70% LTV...

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Laura's company buys a property valued at $15,000,000 and finances the purchase with an 70% LTV loan. The bank offers a 25 year amortization schedule with 7.54% interest and monthly payments and requires a balloon repayment after 5 years. If Laura's company holds on to the mortgage at maturity, what will be their balloon payment at the end of the mortgage term? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) Laura's company buys a property valued at $15,000,000 and finances the purchase with an 70% LTV loan. The bank offers a 25 year amortization schedule with 7.54% interest and monthly payments and requires a balloon repayment after 5 years. If Laura's company holds on to the mortgage at maturity, what will be their balloon payment at the end of the mortgage term? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58)

Answer rating: 100% (QA)

Steps Step 1 of 1 To calculate the balloon payment at the end of the mortgage term we first need to ... View the full answer