ance 80% of the purchase price; you will put 20% down on the purchase. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly paym
ance 80% of the purchase price; you will put 20% down on the purchase. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly paym
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter13: Investing In Mutual Funds, Etfs, And Real Estate
Section: Chapter Questions
Problem 9FPE
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You want to investigate whether it will make financial sense for your business to purchase some real estate. Find a commercial property that is for sale in Charlotte, NC that your business could use (purchase price must be at least $20,000). Include the URL that will take the class to the webpage for the property.You will finance 80% of the purchase price; you will put 20% down on the purchase. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment.Next, calculate the payment using the same 5%, but for a 15-year mortgage. Show all steps in your calculations in your post.In a summary paragraph, discuss the results of your calculations and what you think is the best decision for your business to make regarding purchasing the property.Include these items in your post:URL link to propertyCalculation of 30-year monthly paymentCalculation of 15-year monthly paymentSteps in calculations (Excel is recommended)Summary
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