Your company has determined it can and is willing to pay a monthly mortgage payment...
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Your company has determined it can and is willing to pay a monthly mortgage payment of $15,000 (per month) on a loan to buy its headquarters building. Assume that the lender is willing to lend 100% of the purchase price, so your company does need to put down any equity for the purchase. And, you have called the lender and theyve told you they typically lend over 25 years at 3.55% per year interest. What is the maximum amount your company can afford to pay the seller for the building?
a. $ 1,788,897 b. $ 2,470,079 c. $ 2,514,180 d. $ 2,980,000
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