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You need a 30-year, fixed-rate mortgage to buy a new home for $230,000. Your mortgage bank will lend you the money at a 8.1 percent

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You need a 30-year, fixed-rate mortgage to buy a new home for $230,000. Your mortgage bank will lend you the money at a 8.1 percent APR for this 360-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? Multiple Choice $1,038,223.64 $1,070,333.65 $95.001.27 $64.811.87 $1,113,147

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