#5

5. Consider again the mortgage in question 1. Suppose the mortgage had a balloon feature. What is the balloon payment that must be made in month 60 in order to pay off the mortgage in full? a. $526,114.86 b. $570,996.12 c. $515,421.08 d. $567,294.13 1. You have just taken out a mortgage for $575,000, at a fixed rate of 4.75% per year, compounded monthly, and a term of 30 years. Calculate the monthly payments