What is the amount of each mortgage payment

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Reference no: EM13296714

a. The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment? b. If you want to pay off the loan at the end of year 5, how much will the balloon payment be?

Reference no: EM13296714

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