You are buying a cottage in Muskoka for $1.8 million, and are paying $725,000 down in cash.Today,
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Question:
You are buying a cottage in Muskoka for $1.8 million, and are paying $725,000 down in cash.Today, you are financing the balance with a 25 year loan with monthly payments.If this loan has an annual percentage rate of 6.2%, what is the approximate amount of each loan payment?
Points:1
- $11,818
- $9,304
- $7,058
- $3,583
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