You need a 20-year, fixed-rate mortgage to buy a new home for R349 900. Your...
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You need a 20-year, fixed-rate mortgage to buy a new home for R349 900. Your bank will lend you the money at an interest rate of 6.24% p.a compounded semi-annually. However, you can only afford semi-annual payments of R3 500, so you offer to pay the remaining loan balance at the end of the loan in the form of a single balloon payment. Calculate how large this balloon payment will be in order for you to keep your semi-annual payments at R3 500
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