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Your company buys a property valued at ( $ 15,000,000 ) and finances the purchase with an ( 70 % ) LTV loan. The bank
Your company buys a property valued at \( \$ 15,000,000 \) and finances the purchase with an \( 70 \% \) LTV loan. The bank offers a 25 year amortization schedule with \( 12.00 \% \) interest and monthly payments and requires a balloon repayment after 5 years. If your company holds on to the mortgage at maturity, what will be their balloon payment at the end of the mortgage term? State your answer as a number rounded to the nearest cent (e.g. if you get \( \$ 13.57654 \), write 13.58)
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