Question: -- VM Chapters 4 & 5 - Homework 6 Problem 4 and 5-10 Construction Loan 19 Stage You have secured a loan from your bank

-- VM Chapters 4 & 5 - Homework 6 Problem 4 and 5-10 Construction Loan 19 Stage 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 $180,000 now and an additional $130,000 in one year Interest of 8 percent APR will be charged on the balance monthly. Since no payments will be made during the 2-year loan, the balance will grow. At the end of two years, the balance will be converted to a traditional 15-year mortgage at an interest rate of 6 percent What will you pay as monthly mortgage payments principal and interest only? Do not round Intermediate calculations and round your final answer to 2 decimal places) Paynent

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