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You need a 1 5 - year, fixed - rate mortgage to buy a new home for $ 2 4 0 , 0 0 0

You need a 15-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 180-month loan. However, you can afford monthly payments of only $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.
How large will this balloon payment have to be for you to keep your monthly payments at $1,000?You need a 15-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 8.6 percent APR for this 180-month loan. However, you can afford monthly payments of only $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.
How large will this balloon payment have to be for you to keep your monthly payments at $1,000?

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