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Mark Sexton and Todd Story, the owners of S\&S Air, Inc. greatest interest savings. At Todd's prompting, she goes V were impressed by the work Chris had done on finan- on to explain a bullet loan. The monthly payments of a cial planning. Using Chris's analysis, and looking at the de- bullet loan would be calculated using a 30 -year tradimand for light aircraft, they have decided that their existing tional mortgage. In this case, there would be a 5 -year fabrication equipment is sufficient, but it is time to acquire bullet. This means that the company would make the a bigger manufacturing facility. Mark and Todd have identi- mortgage payments for the traditional 30 -year mortgage fied a suitable structure that is currently for sale, and they for the first five years, but immediately after the com- QUESTIONS 1. What are the monthly payments for a 30 -year needed to pay off the traditional mortgage? How traditional mortgage? What are the payments for much interest would the company save? a 20-year traditional mortgage? 4. Assume S\&S Air takes out a bullet loan under 2. Prepare an amortization table for the first six the terms described. What are the payments on months of the traditional 30-year mortgage. How the loan? much of the first payment goes toward principal? 5. What are the payments for the interest-only loan? 3. How long would it take for S\&S Air to pay off the 6. Which mortgage is the best for the company? smart loan assuming 30-year traditional mortgage payments? Why is this shorter than the time