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Johnson bought a nursing home from Gonzales. The price was $15,000,000 and included a purchase money mortgage from Johnson for $12,000,000 at 5 34 %
Johnson bought a nursing home from Gonzales. The price was $15,000,000 and included a purchase money mortgage from Johnson for $12,000,000 at 5 34 % for 25 years when market interest rates were 9 %. Shortly after his purchase, Johnson had his property appraised because he thought his new real estate taxes were too high. The appraiser concluded the property was worth $12,000,000. Johnson was very upset. What is going on?
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