Question: Problem 4 and 5-6 Spreadsheet Problem: Construction Loan You have secured a loan from your bank for two years to build your home. The terms

Problem 4 and 5-6 Spreadsheet Problem: Construction Loan You have secured

Problem 4 and 5-6 Spreadsheet Problem: Construction Loan You have secured a loan from your bank for two years to build your home. The terms of the loan are that you will borrow $115,000 now and an additional $65,000 in one year. Interest of 9 percent APR will be charged on the balance monthly. Since no payments will be made during the two-year loan, the balance will grow. At the end of the two years, the balance will be converted to a traditional 20 year mortgage at a 7 percent interest rate. What will you pay as monthly mortgage payments (principal and interest only? Note: Do not round intermediate calculations and round your final answer to 2 decimal places

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