Question
You purchase a home today with the following terms: $100,000 borrowed, monthly payments, interest 5.88% annually, compounded monthly, 30-year term. If a balloon payment is
You purchase a home today with the following terms: $100,000 borrowed, monthly payments, interest 5.88% annually, compounded monthly, 30-year term. If a balloon payment is due at the end of 10 years, calculate the mortgage payments.
What is the amount of the balloon payment in the lastv question? Note, this is an amortization table calculation.
If the loan terms for the first question were changed to a 15-year loan at 4.88% annually, compounded monthly, what is the difference in monthly payments and the 10 year balloon payment?
***Need PV, RATE, NPER, PMT, and FV for each part***
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Personal Finance
Authors: E. Thomas Garman, Raymond E. Forgue, Jonathan Fox
14th Edition
0357901495, 9780357901496
