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The McDonald Group purchased a piece of property for $1.5 million. It paid a down payment...

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Finance

The McDonald Group purchased a piece of property for $1.5million. It paid a down payment of 20% in cash and financed thebalance. The loan terms require monthly payments for 15 years at anannual percentage rate of 5% compounded monthly.

-What is the amount of each mortgage payment?

-What is the loan balance at the end of year 5?

-What is the amount of principal that needs to repaid duringyear 5?

-What is the amount of interest that needs to be repaid duringyear 5?

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