Question: You obtained a partially amortizing CRE loan for 12,000,000 at 4.5% on August 1, 2015. It is amortized on a 25 year schedule, with a balloon payment due after 7 years. There is no prepayment penalty during the 7th year. You have a contract to sell the building and expect to close on March 22, 2022.

- What will your monthly payments be?

- What will your balance be on March 1, 2022?

- What is your daily interest amount during March 2022? (Note: Assume the bankers year of 360 days, which means all months are considered to be 30 day months).

-What will your loan payoff be on March 22, 2022?

I am trying to solve this using a financial calculator (HP 10bII+) but cannot figure out what to input and how to amortize it. Detailed work using a financial calculator (not Excel or PVA tables) would be appreciated.

Thanks!