Previous Page Next Page Page 10 of 12 Question 31 (4 points) You took out a mortgage loan 6 years ago in the amount of $10,000,000. The loan carried an interest rate of 5.5% and had a 30-year amortization schedule. You are now planning to sell the property. What will be your mortgage payoff amount? Round to the nearest whole dollar. Hint: Do it in 2 steps. First calculate the monthly payments and then calculate the principal balance after 6 years. A/ Question 32 (4 points) You have been offered a $7,000,000 mortgage loan at an interest rate of 4.10%, with 25-year amortization, payable monthly. The lender is going to charge a total of 125 bps (1.25%) up-front in origination fees/points. What is the effective interest rate, factoring in the loan fees (remember to multiply the monthly rate by 12)? Round to 2 decimal places. A