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The McDonald Group purchased a piece of property for $1.5 million. It paid a down payment...

The McDonald Group purchased a piece of property for $1.5 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 5% compounded monthly.

1. What is the amount of each mortgage payment?

2. What is the loan balance at the end of year 5?

3. What is the amount of interest that needs to be repaid during year 5?

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

jeff jeffy answered 8 months ago
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