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How much will morgan pay monthly on their mortgage

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Question - The Morgan Company plans to borrow money to purchase an office building for its headquarters. The building it has selected has a price tag of $10 million. The company will make a down payment of $2 million and take a first mortgage on the balance of $8 million. The lender agrees to provide a 30-year mortgage on the principal of $8 million at an annual interest rate of 10%, compounded monthly, with monthly payments at the end of each month. How much will Morgan pay monthly on their mortgage?

Reference no: EM132855605

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