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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

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 45P
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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 property
    Calculation of 30-year monthly payment
    Calculation of 15-year monthly payment
    Steps in calculations (Excel is recommended)
    Summary 
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