Whether or not to purchase real estate is an important decision for business leaders. Does it make sense to lease space or would it be more cost effective to purchase property? To purchase property, it may be necessary to take out a mortgage.
Post 1: Initial Response
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 your area 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
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