L Check My Work (remaining) 2 Ons Visage 3. ebook You want to buy a house that costs $190,000. You have $19,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $171,000. However, the realtor persuades the seller to take a $171,000 mortgage (called a seller take-back mortgage) at a rate of 9%, provided the loan is paid off in full in 3 years. You expect to inherit $190,000 in 3 years, but right now all you have is $19,000, and you can afford to make payments of ne more than $10,000 per year given your salary, (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) If the ioan was amortized over 3 years, how large would each annual payment be? Do not round intermediate calculations. Round your answer to the nearest O cent $ 63972.78 Could you afford those payments? No, the calculated payment is greater than the affordable payment. 3 b. If the loan was amortized over 30 years, what would each payment be? Do not round intermediate calculations. Round your answer to the nearest cent $ 12422.96 Could you afford those payments? Yes, the calculated payment is less than the affordable payment to satisfy the seller, the 30-year mortgage loan would be written as a baloon note, which means that at the end of the third year, you would have to mo 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 Do not round intermediate calculations, Round your answers to the nearest cent Loan balance: 5 164113.99 Balloon payment: S 176536.95 itide Feedback SAAN PALA N NE