American National is willing to make a loan for $750,000 on a commercial property at a 9% interest (accrual) rate with payments calculated using a 7% rate and a 30-year loan term. After the first five years, the payments are to be adjusted so that the loan can be amortized over the remaining 25-year term. What is the initial payment? What will the balance be after 5 years?
This question was answered on: Sep 21, 2023
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