Question
You borrow $10 million to finance the acquisition of a retail center that you purchase on January 1, 2023. The mortgage you secure carries a
You borrow $10 million to finance the acquisition of a retail center that you purchase on January 1, 2023. The mortgage you secure carries a fixed interest rate of 6%, amortizing over 25 years. What is your interest payment on January 1, 2028, assuming you make single payments at the beginning of each year and your first payment was made on January 1, 2024?
Question 5 options:
|
| About $552,000. |
|
| About $230,000 |
|
| About $782,000 |
|
| About $900,000 |
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Finance Applications and Theory
Authors: Marcia Cornett, Troy Adair
3rd edition
1259252221, 007786168X, 9781259252228, 978-0077861681
