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What is the amount of the building that can afford

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Reference no: EM132513716

Your business is looking to buy a building. The bank has approved your application for a 15 year mortgage loan at a rate of 4.50% as long as your mortgage payments equal 31% of your gross quarterly income. You need to have a 25% down payment towards the purchase of the building. Your company's annual income is $7,500,000.

Based upon the information given:

Question (1) What is the amount of your gross quarterly income?

Question (2) What will be the amount of payments for the loan?

Question (3) What is the amount of the mortgage loan that the bank will approve based upon your payments?

Question (4) What is the amount of the building that you can afford?

Question (5) How much will the down payment be?

Reference no: EM132513716

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