A 54-unit apartment building in Canton, Ohio was financed with a $10,000,000 30-year fully amortizing fixed rate mortgage loan at an annual interest rate of 4.5% payable monthly and with no loan lockout or prepayment penalties. If the borrower wanted to pay the loan back after 8 years, what would be the payoff amount? a. $7,333,333 b. $8,008,942 c. $8,481,705 d. $8,913,848

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A 54-unit apartment building in Canton, Ohio was financed with a $10,000,000 30-year fully amortizing fixed rate mortgage loan at an annual interest rate of 4.5% payable monthly and with no loan lockout or prepayment penalties. If the borrower wanted to pay the loan back after 8 years, what would be the payoff amount?

a. $7,333,333
b. $8,008,942
c. $8,481,705
d. $8,913,848
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