Robert is selling his home to his good friend, Lisa. Robert is selling his waterfront multi-storey home
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Question:
Robert is selling his home to his good friend, Lisa. Robert is selling his waterfront multi-storey home for $3,950,000, and he will take back a mortgage for $2,000,000 at a contract rate of j2 = 4.5%, with a 25-year amortization period, a 3-year term, and monthly payments rounded up to the next higher $10. |
Question 1
Calculate the required monthly payment for this loan.
$12,210 |
$9,240 |
$11,070 |
$10,270 |
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