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show math please Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%.
show math please
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 assumptions. In each case verify your calculation by giving the relation between the pay rate and the accrual rate. 28. Loan is fully amortizing 29. Loan is partially amortizing with a balloon payment of $1,000,000 30. It is an IO loanStep by Step Solution
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