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You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with
You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with 5% interest and monthly payments and requires a balloon repayment after 5 years. What is your monthly payment on this mortgage? State your answer as a positive number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) QUESTION 16 You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with 5% interest and monthly payments and requires a balloon repayment after 5 years. What will your balloon payment be at the end of the mortgage term? State your answer as a positive number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) QUESTION 17 You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with 5% interest and monthly payments and requires a balloon repayment after 5 years. This loan has a prepayment penalties of 5/4/2/2/2 points corresponding to each year of the prepayment. What will be your payment in month 30 if you decide to fully repay your loan (Hint: this includes the regular payment, the remaining balance and the prepayment penalty)? (e.g. if you get $13.57654, write 13.58)
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