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1 3 - Deepak's company buys a property valued at $ 1 0 , 0 0 0 and finances the purchase with an 7 7

13-Deepak's company buys a property valued at $10,000 and finances the purchase with an 77% LTV loan. The bank offers a 25 year amortization schedule with 6.3% interest and monthly payments and requires a balloon repayment after 5 years. If Deepak's company holds on to the mortgage at maturity, what will be their balloon payment (only loan balance still owed) at the end of the mortgage term (after making 5 years of monthly payments)? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58)
14- Tom bought a house for $4,000 and financed it with a mortgage. 15 years later, his house has appreciated and is now worth $9472. He still has a remaining balance on his loan of $2533. He is considering a cash-out refinancing and getting a new mortgage at 83% LTV. How much cash will Tom be able to take out with this refi? Assume there are no costs to refinancing. State your answer as a number with two decomal points (e.g. if you get $100,000.683, write 100000.68).

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