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Upon completing your FINA 377 course, you decide to venture into real estate investment business. You find a property next to NEIU campus with an

Upon completing your FINA 377 course, you decide to venture into real estate investment business. You find a property next to NEIU campus with an attractive sales price of $1,000,000. Your banker, Faruk Daudbasic, gives you a 70% loan to value (i.e. $700,000 loan) from First Eagle Bank for a term of 25 vears.

If the interest rate is 7.0%, what is the monthly payment?

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