Question
You find your dream home and it is listed as 382,500. Assume the listing price as the purchase price. You purchase this on a
You find your dream home and it is listed as 382,500. Assume the listing price as the purchase price. You purchase this on a 30-year monthly mortgage with an APR (compounded monthly) of 6.63% and 20% down payment (80% financed). This is an equal payment loan. Prepare the monthly amortization schedule for this loan. Assume that your mortgage had a balloon payment at the end of 15 years, at which point the entire remaining balance of the loan is due. What would your balloon payment be at the end of year 15?
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A Survey of Mathematics with Applications
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
10th edition
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