Part $1$ of $2$

You want to invest in real estate. You decide to buy a house and finance it using a balloon$-$payment mortgage. This special type of mortgage is designed to "end early," allowing you to make periodic payments as if the loan were much longer. For example, a $"30$ due in $5"$ motgage payment is calculated as if the loan were over $30$ years but a total repayment is due at the end of the $5$ th year. This is the balloon payment and it ensures that the balance at the end of the $5$th year is zero $($repaid$).$ Real estate investors will sometimes choose this loan because by the time the balloon payment is due the house is sold to someone else, hopefully for a profit.

You buy the house for $$210,000$ using a $"30$ due in $6"$ balloon mortgage with a $11\%$ down payment. The interest rate is $2\mathrm{.}25\%,$ compounded monthly.

Part $1$: About This Mortgage

A$)$ The initial balance of this mortgage is:

B$)$ The number of periods used to calculate the payment is:

C$)$ The monthly payment on the mortgage is:

D$)$ The balloon payment is due with payment number: