You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage...
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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 a 7.5 percent APR for this 360-month loan, with interest compounded monthly. However, you can only afford monthly payments of $850, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. What will be the amount of the balloon payment if you are to keep your monthly payments at $850?
A. $1,112,464 B. $1,113,316 C. $1,114,480 D. $1,115,840 E. $1,116,315
How would this be inputted on a finance calculator?
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