{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-11T00:33:37-04:00", "answer_date": "2024-06-11 00:33:37", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2597876", "url": "\/study-help\/questions\/ily-do-these-percentages-change-over-time-535-amortization-schedule-2597876", "question_creation_date_js": "2024-06-11T00:33:37-04:00", "question_creation_date": "Jun 11, 2024 12:33 AM", "meta_title": "[Solved] ily do these percentages change over time | SolutionInn", "meta_description": "Answer of - ily do these percentages change over time? 5-35 AMORTIZATION SCHEDULE WITH A BALLOON PAYMENT You want to buy a house t | SolutionInn", "meta_keywords": "ily,percentages,change,time,5-35,amortization,schedule,balloon,payment,buy,house,costs", "question_title_h1": "ily do these percentages change over time? 5-35 AMORTIZATION SCHEDULE WITH A BALLOON PAYMENT You want to buy a house that costs $140,000. You have", "question_title": "ily do these percentages change over time? 5-35 AMORTIZATION SCHEDULE WITH A", "question_title_for_js_snippet": "ily do these percentages change over time 5 35 AMORTIZATION SCHEDULE WITH A BALLOON PAYMENT You want to buy a house that costs $140,000 You have $14,000 for a down payment, but your credit is such that mort gage companies will not lend you the required $126,000 However, the realtor persuades the seller to take a $126,000 mortgage (called a seller take back mortgage) at a rate of 5 , provided the loan is paid off in full in 3 years You expect to inherit $140,000 in 3 years, but right now all you have is $14,000, and you can afford to make payments of no more than $22,000 per year given your salary (The loan would call for monthly payments, but assume end of year annual payments to simplify things ) It no board OP VS a If the loan was amortized over 3 years, how large would each annual payment be Could you afford those payments b If the loan was amortized over 30 years, what would each payment be Could you afford those payments c To satisfy the seller, the 30 year mortgage loan would be written as a balloon note, which grint means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan What would the loan balance be at the end of Year 3, and what would the balloon payment be 5 36 NONANNUAL COMPOUNDING outstendry loan", "question_description": "\"image

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\"image<\/div><\/div><\/div> ily do these percentages change over time? 5-35 AMORTIZATION SCHEDULE WITH A BALLOON PAYMENT You want to buy a house that costs $140,000. You have $14,000 for a down payment, but your credit is such that mort- gage companies will not lend you the required $126,000. However, the realtor persuades the seller to take a $126,000 mortgage (called a seller take-back mortgage) at a rate of 5%, provided the loan is paid off in full in 3 years. You expect to inherit $140,000 in 3 years, but right now all you have is $14,000, and you can afford to make payments of no more than $22,000 per year given your salary. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) It no board OP-VS a. If the loan was amortized over 3 years, how large would each annual payment be? Could you afford those payments? b. If the loan was amortized over 30 years, what would each payment be? Could you afford those payments? c. To satisfy the seller, the 30-year mortgage loan would be written as a balloon note, which grint means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan. What would the loan balance be at the end of Year 3, and what would the balloon payment be? 5-36 NONANNUAL COMPOUNDING outstendry loan", "transcribed_text": "", "related_book": { "title": "Calculus Early Transcendentals", "isbn": "1285741552, 9781305482463 , 978-1285741550", "edition": "8th edition", "authors": "James Stewart", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1779.jpg", "uri": "\/textbooks\/calculus-early-transcendentals-8th-edition-1779", "see_more_uri": "" }, "free_related_book": { "isbn": "1118551559", "uri": "\/textbooks\/inbound-marketing-and-seo-insights-from-the-moz-blog-1st-edition-978-1118551554-187204", "name": "Inbound Marketing And Seo Insights From The Moz Blog", "edition": "1st Edition" }, "question_posted": "2024-06-11 00:33:37", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/why-did-portfolio-insurance-not-work-well-on-october-19", "description": "Why did portfolio insurance not work well on October 19, 1987?", "stars": 3 }, { "url": "\/study-help\/a-course-in-statistics-with-r\/from-the-titanic-dataset-obtain-the-odds-ratio-of-survivors", "description": "From the Titanic dataset, obtain the odds ratio of survivors for the following: (i) Adult vs Child, (ii) Male vs Female, (iii) for each of the Class as in 1st, 2nd, 3rd, and Crew. 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