Question: Suppose you are thinking about purchasing a strip center for a price of $4,000,000. The 25-year fixed-rate mortgage (paid monthly) that you have arranged covers

Suppose you are thinking about purchasing a strip center for a price of $4,000,000. The 25-year fixed-rate mortgage (paid monthly) that you have arranged covers 65% of the purchase price and has an interest rate of 3.50%. Assume you faithfully paid the mortgage for 9 full years. What would be the balance of the loan at the end of those 108 months. Please use BA II Plus Calculator and show ALL steps with problem and calculator usage.

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