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You need a 25-year, fixed-rate mortgage to buy a new home for $190,000. Your mortgage...

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Finance

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You need a 25-year, fixed-rate mortgage to buy a new home for $190,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 300 -month loan. However, you can afford monthly payments of only $1,000, 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 $1,000? Multiple Choice $569,461.6 $42,772.21 $552,377.76 $66,843.82 $592,240.07

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