Your condo association has been apprised of the need for a new roof, estimates are $15,000,000 for this project. You own one condo and must pay your pro-rata share of the project, $115,000. The association provides you the option of a one-time payment of $115,000 or alternatively paying $998 per month for 15 years, payments made at the end of each month. 

 

Solve for the implied monthly and annual nominal rates the condo association has arranged.

If instead you choose to finance the $115,000 yourself over the same period with monthly payments and arrange a 6.325% annual (nominal) rate, determine the loan origination fee break-even amount you can pay with the self financed option.

answer this 3rd part:

Solve for the break-even fee in dollars and consequently as percentage (%) of the loan amount. show both loan scenarios with complete loan amortization tables for all months. As both options (the condo association's financing and your self-financed option) will be financed over the same period, compare via total interest payments.