If Benji had received a loan with 10 year amortization instead of 5 year amortization, but...
If Benji had received a loan with 10 year amortization instead of 5 year amortization, but the loan was still due in 5 years (this is called a "balloon loan"), how much principal would be owed by Benji at the end of 5 years?
|
Total Start-Up Costs |
$1,100,000 |
|
% Financed |
85% |
|
Loan Principal |
$935,000 |
|
Rate |
7% |
|
Term (Years) |
5 |
|
Amortization (Years) |
5 |
|
Loan Monthly Payment |
-$18,514.12 |
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