Question: Please write type the answer by computer, so that i can see this clearly, thank you You want to buy a property for $10,000,000 and
Please write type the answer by computer, so that i can see this clearly, thank you
You want to buy a property for $10,000,000 and finance it with an ABC Bank 15-year mortgage loan. The mortgage rate that you have been given is fixed at 6% per year. You'll need to put down 30% of the buying price as a down payment.
(a) Calculate the monthly mortgage payment, using the table provided below.
(b) Calculate the outstanding balance after the 2nd month of mortgage payment is paid.

Mortgage payment factors (principal and interest factors per $1,000 of loan amount] Term Rate 30 Years 25 Years 5.0% 55.37 $5.85 5.5 5.68 6.14 6.0 6.00 6.44 6.5 6.32 6.67 70 6.65 706 75 6.99 739 8.0 7.34 7.72 8.5 7.69 8.05 9.0 8.05 8.39 20 Years $6.60 0.88 7.16 7.45 7.75 8.00 8.36 8.68 15 Years 5791 8.17 8.43 3.71 8.98 9.27 9.56 9.85 10.14 9.00
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