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After this and previous principal repayments totalling US$18.5 million, the remaining principal balance of the Loan will be approximately US$11.5 million.
iPic expected to draw down a "substantial portion" of the remaining principal balance of the credit facility to make the interest payment.
The company said the interest will accrue at a rate of 7.25% on remaining principal balance and will be paid quarterly with principle amounts due.
But how one can know the remaining principal balance before computing a period's interest expense and principal payment?
The underlying transaction is backed by a pool of 105 multifamily and commercial mortgage loans and has a remaining principal balance of approximately $2.16 billion.
The total present value is $71,764, which is less than the $80,000 remaining principal balance of the original debt.
The remaining principal balance on the loan is $4.7 million and debt service payments will run through August 2024.
The remaining principal balance of $593 million is due in June 2009.
On April 1, 1997, John considers refinancing the remaining principal balance at the new interest rate of 8.125% for 30 years.