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How much will be your monthly payment

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You want to buy a property that has a value of 12,300,000. You will finance it by taking a mortgage loan, the bank quoted you an interest rate of 17% compounded monthly. The loan to value ratio is 70% and the loan is to be repaid in a time period of 30 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

Given that the bank require a maximum Debt to Income ratio of 40%, do you qualify for this loan if your annual income is 5,000,000?

Reference no: EM133075062

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