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  3. janelle is considering buying a 4-unit apartment b

Janelle is considering buying a 4-unit apartment building for $1,500,000. Assume the relevant...

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Accounting

Janelle is considering buying a 4-unit apartment building for $1,500,000. Assume the
relevant interest rate is 4%.
a) The 4-units are currently being rented for $2200, $2400, $2600, and $2800 per month
respectively. Rent is paid at the start of the month, which is today. Assuming no changes
in rental amounts what would be present value the rents Janelle would earn over the next
15-years.
b) To buy the apartment building Janelle is going to borrow $1,200,000 over 15-years.
Assuming the first mortgage payment is the next month and every month thereafter, what
will be Janelle's monthly mortgage payment?
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