QuickHelper

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About QuickHelper

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Accounting,Applied Sciences See all
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Teaching Since: May 2017
Last Sign in: 357 Weeks Ago
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Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 31 May 2017 My Price 13.00

How large will this balloon payment

Question description

 

 

You need a 35-year, fixed-rate mortgage to buy a new home for $295,000. Your mortgage bank will lend you the money at a 5.9 percent APR for this 420-month loan. However, you can only afford monthly payments of $1,350, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

 

How large will this balloon payment have to be for you to keep your monthly payments at $1,350? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

 

 Balloon payment $   

Answers

QuickHelper
(10)
Status NEW Posted 31 May 2017 09:05 PM My Price 13.00

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