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Business, 06.10.2019 07:30 jnsebastian2002

You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. your mortgage bank will lend you the money at an apr of 5.45 percent for this 360-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. how large will this balloon payment have to be for you to keep your monthly payments at $900?

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You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. your mortgage bank will lend...
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