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What would the monthly payment be on loan

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You are in the process of purchasing a commercial building, and have offered the seller a price of $2,700,000. Your bank has offered to provide a 25-year fixed-rate mortgage of $2,025,000, with a quoted rate of 5.75%.

a. What would the monthly payment be on this loan?

b. Assuming that you make the required payment amount every month for 8 years, what would the outstanding balance be at the end of that period?

c. Assume that you pay $9,500.00 per month for the first 96 months. What would the outstanding balance be after that period in this case

Reference no: EM132795848

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