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You need a 2 5 - year, fixed - rate mortgage to buy a new home for $ 2 4 0 , 0 0 0
You need a year, fixedrate mortgage to buy a new home for $ Your mortgage bank will lend you the money at a percent APR for this month loan. However, you can afford monthly payments of only $ 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 $
You need a year, fixedrate mortgage to buy a new home for $ Your mortgage bank will lend you the money at a percent APR for this month loan. However, you can afford monthly payments of only $ 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 $
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