Business, 18.03.2020 20:30, NeedsMajorHelp
You need a 35-year, fixed-rate mortgage to buy a new home for $310,000. Your mortgage bank will lend you the money at an APR of 6.05 percent for this 420-month loan. However, you can afford monthly payments of only $1,500, 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 $1,500?
Answers: 1
![\mathrm{PVA}=\$ 1,500\left[\left(1-\left\{1 /[1+(.0605 / 12)]^{\wedge} 420\right\}\right) /(.0605 / 12)\right]](/tpl/images/0552/4482/8c449.png)
$261,528.41
![\mathbf{S} 48,471.59[1+(.0605 / 12)] 420](/tpl/images/0552/4482/bdbef.png)
$400,677.90
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You need a 35-year, fixed-rate mortgage to buy a new home for $310,000. Your mortgage bank will lend...
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