Business, 21.05.2020 07:04 markarianlaura1

A. Two years ago your firm took out a 30- year amortizing loan to purchase a small office building. The loan has a 4.80% APR with monthly payments of $2623.33.

i. How much do you owe on the loan today? (4 points)
ii. How much interest did the firm pay on the loan in the past year? (5 points)
iii. Suppose starting next year (fourth year) the loan rate jumps to 7.2% APR. What is the remaining balance? What will be the monthly payment? (6 points)

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A. Two years ago your firm took out a 30- year amortizing loan to purchase a small office building....