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You are interested in purchasing an investment property for $3.35 million. The bank is willing to advance you a loan worth 65 percent of the
You are interested in purchasing an investment property for $3.35 million. The bank is willing to advance you a loan worth 65 percent of the value of the property. The bank is offering you a mortgage rate of 3.15 percent for a loan amortized over 25 years. What is your monthly mortgage payment (rounded to the nearest dollar)? The mortgage is compounded semi-annually.
$8,862
$12,085
$13,696
$16,113
None of the above
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