You would like to buy a house that costs $ 350,000. You have $ 50,000...
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You would like to buy a house that costs $ 350,000. You have $ 50,000 in cash that you can put down on the? house, but you need to borrow the rest of the purchase price. The bank is offering you a? 30-year mortgage that requires annual payments and has an interest rate of 7 % per year. You can afford to pay only $ 23,450 per year. The bank agrees to allow you to pay this amount each? year, yet still borrow $ 300,000. At the end of the mortgage? (in 30? years), you must make a balloon? payment; that? is, you must repay the remaining balance on the mortgage. How much will be this balloon? payment?
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