1
answer
2
watching
1,080
views
6 Feb 2019
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?
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?
Jarrod RobelLv2
7 Feb 2019
