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i want detailed calculations thank you. Question 2 Instructions Please create a separate excel sheet in your submission excel workbook and detail all the calculations.
i want detailed calculations thank you.
Question 2 Instructions Please create a separate excel sheet in your submission excel workbook and detail all the calculations. If your answer is not among the choices, this may be due to rounding off errors. Please choose the answer closest to your answer. You need a 30-year, fixed-rate mortgage to buy a new home for $540,000. Your mortgage bank will lend you the money at a 2.35 percent APR for this 360-month loan. However, you can afford monthly payments of only $1,150, 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 in 30 years, for you to keep your monthly payments at $1,150? A) $491,706 B) $243,174 C) $296,826 D) $296,877Step by Step Solution
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