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Mortgage payment. You borrow $350,000 for your home at a 4.5% APR rate, where you will make equal monthly payments over 30 years to payoff the loan.

-How much would your monthly payment be?

-After 72 months of making payments, what is the remaining balance on your mortgage loan?

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Jamar Ferry
Jamar FerryLv2
30 Sep 2019
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you need a 30 year, fixed rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.25 percent for this 360 month loan. However, you can afford monthly payments of only $975, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single ballon payment. How large will this ballon payment have to be for you to keep your monthly payments at $975?

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