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You need a 35-year, fixed-rate mortgage to buy a new home for $275,000. Your bank will lend you the money at a 5.7 percent
You need a 35-year, fixed-rate mortgage to buy a new home for $275,000. Your bank will lend you the money at a 5.7 percent APR for this 420-month loan. However, you can only afford monthly payments of $800, 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 $800? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Balloon payment $
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