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math problem investors bought a complex

Mathematics
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bought complex for $4 million. They made an initial down payment of 10% and obtained financing for the balance. If the loan is to be amortized over 14years at an interest rate of 11% per year compounded quarterly, find the required quarterly payment.

Dec 9th, 2014

4,000,000=0.1(4,000,000)+(1+0.0275)^56

SINCE down payment of 400,000 is made the balance will be 4,000,000-400,000=3600,000 which is supposed to be paid on quarter basis per year.Therefore  the quarterly amount will be 3600,000/(1.0275)^56=787,988.70

Dec 10th, 2014

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Dec 9th, 2014
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Dec 9th, 2014
Dec 8th, 2016
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