Answered step by step
Verified Expert Solution
Question
1 Approved Answer
amswer 7-9 please 7. An investor obtains a balloon mortgage with the terms shown below, Balloon Mortgage $530,000 30/7 balloon 6.8% annual rate What is
amswer 7-9 please
7. An investor obtains a balloon mortgage with the terms shown below, Balloon Mortgage $530,000 30/7 balloon 6.8% annual rate What is the monthly payment on this mortgage? (3 points) $3,45520 $3,678.58 $6,738,57 $7.947.40 8. A mortgage has the terms shown below. Balloon Mortgage $200,000 15/4 balloon 7% annual rate Initial Monthly Payment: $1,797.66 What is the amount of the balloon payment rounded to the nearest dollar? (4 points) $192,063 $113,712 $165,164 $166,127 9. A bank is advertising the following mortgage: Balloon Mortgage $245.000 20/4 balloon 5.8% annual rate Monthly Payment: $1,727.11 Balloon Payment $216.789.79 What is the total cost of this balloon mortgage? (4 points) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started