Q3. You obtained a partially amortizing CRE loan for 12,000,000 at 4.5% on August 1, 2015. It is amortized on a 25 year schedule, with a balloon payment due after 7 years. There is no prepayment penalty during the 7th year. You have a contract to sell the building and expect to close on March 22, 2022. What will your monthly payments be? What will your balance be on March 1, 2022? What is your daily interest amount during March 2022? (Note: Assume the bankers year of 360 days, which means all months are considered to be 30 day months). What will your loan payoff be on March 22, 2022? Name (printed): Signature:
Q3. You obtained a partially amortizing CRE loan for 12,000,000 at 4.5% on August 1, 2015. It is amortized on a 25 year schedule, with a balloon payment due after 7 years. There is no prepayment penalty during the 7th year. You have a contract to sell the building and expect to close on March 22, 2022. What will your monthly payments be? What will your balance be on March 1, 2022? What is your daily interest amount during March 2022? (Note: Assume the bankers year of 360 days, which means all months are considered to be 30 day months). What will your loan payoff be on March 22, 2022? Name (printed): Signature:
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Q3. You obtained a partially amortizing CRE loan for 12,000,000 at 4.5% on August 1, 2015. It is
amortized on a 25 year schedule, with a balloon payment due after 7 years. There is no
prepayment penalty during the 7th year. You have a contract to sell the building and expect to
close on March 22, 2022.
What will your monthly payments be?
What will your balance be on March 1, 2022?
What is your daily interest amount during March 2022? (Note: Assume the bankers year of 360 days,
which means all months are considered to be 30 day months).
What will your loan payoff be on March 22, 2022?
Name (printed):
Signature:
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