You need a 15-year, fixed-rate mortgage to buy a new home for $170,000. Your mortgage...
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| You need a 15-year, fixed-rate mortgage to buy a new home for $170,000. Your mortgage bank will lend you the money at a 8.1 percent APR for this 180-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. |
| Required: |
| How large will this balloon payment have to be for you to keep your monthly payments at $900? |
rev: 09_17_2012
Multiple Choice
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$248,715.11
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$256,407.33
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$266,663.63
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$76,389.83
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$66,450.6
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