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Kastle Homes Inc. builds luxury homes. Kastle Financial offers mortgage financing for Kastle home buyers. You are the new analyst at Kastle Financial. Your boss
Kastle Homes Inc. builds luxury homes. Kastle Financial offers mortgage financing for Kastle home buyers. You are the new analyst at Kastle Financial. Your boss wants to offer a promotion whereby buyers of their new model home, the Motte & Bailey (M&B), receive another identical M&B home at the end of the amortization period. An M&B home retails for $787,921.23. Kastle offers mortgages with a 25-year amortization period, monthly payments and it charges a rate of 3%. Your boss wants you to calculate the monthly mortgage payments for the promotion
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