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What is the Monthly Rate and the Ballon Payment (FV) Could someone show me how to do this question and show me the calculations/steps. Please
What is the Monthly Rate and the Ballon Payment (FV)
Could someone show me how to do this question and show me the calculations/steps. Please don't use excel. Thank you!
Question 4 (no penalty): You need a 30 -year, fixed-rate mortgage to buy a new home for $290,000. Your mortgage bank will lend you the money at a 5.85 percent APR (semi-annual) for this 360-month loan. However, you can afford monthly payments of only $1,300, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment 1. How large will this balloon payment have to be for you to keep your monthly payments at $1,300Step by Step Solution
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