Siegell’s Locksmith Shop is taking out a mortgage on a new building. It is going to be an interest-only, 12-year balloon mortgage for $350,000. The APR is 3.35%. The last payment will be the balloon payment of the full principal.
a. Find the total interest for the 12-year mortgage.
b. Find the total number of monthly payments, not including the final balloon payment.
c. Find the amount of each monthly payment if the payments are interestonly. Round to the nearest cent.
d. Find the difference between the regular monthly payment and the balloon payment, to the nearest hundred dollars.
e. If the mortgage was not a balloon mortgage, what would be the amount of the monthly payment, rounded to the nearest cent?