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Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%. Determine the annual
Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%. Determine the annual mortgage payment under the following assumption. Verify your calculation by calculating the pay rate.
Loan is partially amortizing with a balloon payment of $1,000,000
$234,567.98; 12.88%
$229,032.27; 11.45%
$244,234.90; 8.0%
$228,456.12; 11.98%
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