Question
A store owner used a balloon mortgage to purchase an investment property. The terms are shown: Balloon Mortgage $900,000 30/7 balloon 4.8% annual rate Monthly
A store owner used a balloon mortgage to purchase an investment property. The terms are shown:
Balloon Mortgage$900,000
30/7 balloon
4.8% annual rate
Monthly Payment: $4,721.99
Balloon Payment: $791,402.60
What is the total cost of this balloon mortgage rounded to the nearest dollar? (2 points)
a
$791,403
b
$796,125
c
$1,188,050
d
$1,699,916
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Elementary Linear Algebra
Authors: Ron Larson, David C Falvo
6th Edition
130517240X, 9781305172401
