You are in the process of purchasing an apartment building and have offered the seller...
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Accounting
You are in the process of purchasing an apartment building and have offered the seller a price of $850,000. Your bank has offered to provide a 20-year fixed-rate mortgage of $637,500, with a quoted rate of 4.85%.
What would the monthly payment be on this loan?
Assuming that you make the required payment amount every month for 6 years, what would the outstanding balance be at the end of that period?
Assume that you pay $6,500.00 per month for the first 72 months. What would the outstanding balance be after that period in this case?
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