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

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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.
1. What is the amount of each mortgage payment?
2. What is the loan balance at the end of year 5?
3. What is the amount of interest that needs to be repaid duringyear 5?

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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.1. What is the amount of each mortgage payment?2. What is the loan balance at the end of year 5?3. What is the amount of interest that needs to be repaid duringyear 5?