You want to buy a property that has a value of 14,000,000. You will finance it by taking a mortgage loan, the interest rate is 16% compounded monthly. The loan to value ratio is 75% and the loan is to be repaid in a time period of 33 years. How much will be your monthly payment? lay out the amortization schedule. Calculate the total amount of money that you will have to repay the bank Calculate the total interest that you will pay for this loan and the property Given that the bank require a maximum Debt to Income ratio of 35%, do you qualify for this loan if your annual income is 1,100,000?

Property Price	14,000,000
Loan to Value (LTV)	0.75
Annual Loan Rate	0.16
Period in Years	33
Payment Frequency	12
Debt to Income (DTI)	0.35
Annual Income	1,100,000