QUESTION 26 15 points Save Answer Problem 1 (15 pts. The Conrad Development Corporation (a commercial real estate developer) purchases a property worth $3,450,000 for development. The corporation puts down $1,200,000 in cash and finances the balance of the purchase with a 30-year fixed-rate mortgage at 7.2 percent annual rate. (A.) How much must the Conrad Corporation pay monthly on this mortgage to the nearest dollar)? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts. (B.) After five years, the developer decides to refinance the remaining current balance due on the mortgage loan. At this point interest rates have fallen to a 5 percent annual rate. How much has the developer payed in interest on this original loan to this point to the nearest dollar)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (3 pts. C. How much must the Conrad Corporation pay to retire the balance due on the mortgage (to the nearest dollar)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (2 pts. (D.) Now assume the Conrad Corporation refinances the old mortgage using a 20-year mortgage with a 5 percent interest rate. If the developer puts down an additional $300,000 on the loan (thus reducing the amount borrowed). how much must the developer pay monthly on this new mortgage (to the nearest dollar)? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts. For the toolbar, press ALT+F10 (PC) or ALT=FN+F10 (Mac). B 1 0 Paragraph Arial 14px % GQ > xX2 >TTI + ABC 199 QUESTION 26 15 points Save Answer Problem 1 (15 pts. The Conrad Development Corporation (a commercial real estate developer) purchases a property worth $3,450,000 for development. The corporation puts down $1,200,000 in cash and finances the balance of the purchase with a 30-year fixed-rate mortgage at 7.2 percent annual rate. (A.) How much must the Conrad Corporation pay monthly on this mortgage to the nearest dollar)? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts. (B.) After five years, the developer decides to refinance the remaining current balance due on the mortgage loan. At this point interest rates have fallen to a 5 percent annual rate. How much has the developer payed in interest on this original loan to this point to the nearest dollar)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (3 pts. C. How much must the Conrad Corporation pay to retire the balance due on the mortgage (to the nearest dollar)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (2 pts. (D.) Now assume the Conrad Corporation refinances the old mortgage using a 20-year mortgage with a 5 percent interest rate. If the developer puts down an additional $300,000 on the loan (thus reducing the amount borrowed). how much must the developer pay monthly on this new mortgage (to the nearest dollar)? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts. For the toolbar, press ALT+F10 (PC) or ALT=FN+F10 (Mac). B 1 0 Paragraph Arial 14px % GQ > xX2 >TTI + ABC 199