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Finance Assignment | Professional Writing

Author:
June 10th, 2020

An organization has borrowed 526,000 for their new building. They obtained a 15-year mortgage at a nominal rate of 8.4% convertible monthly on the unpaid balance, with payments to be made monthly. The payments are level except for a slightly smaller final payment.

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a) What is the monthly payment ?

b) If they were to sell the house after 7 years what is the outstanding loan balance ?

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c) What is the total amount of interest paid in 15 years ?

(Please include steps.0

 

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