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The Virginian Company plans to borrow money to purchase an office building for its headquarters. The building it has selected has a price tag of
The Virginian Company plans to borrow money to purchase an office building for its headquarters. The building it has selected has a price tag of $15 million. The company will make a down payment of $5 million and take a first mortgage on the balance of $10 million. The lender agrees to provide a 30-year mortgage on the principal of $10 million at an annual interest rate of 9%, compounded monthly, with monthly payments at the end of each month. How much will Virginian pay monthly on their mortgage?
- 80,565.96
- 81,998.18
- 80,462.26
- 82,139.78
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