You want to buy a house that costs $330,000. You have $33,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $297,000. However, the realtor persuades the seller to take a $297,000 mortgage called a seller take-back mortgage) at a rate of 6%, provided the loan is paid off in full in 3 years. You expect to inherit $330,000 in 3 years, but right now all you have is $33,000, and you can afford to make payments of no more than $22,000 per year given your salary. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) a. If the loan was amortized over 3 years, how large would each annual payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Could you afford those payments? -Select- b. If the loan was amortized over 30 years, what would each payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Could you afford those payments? -Select- c. To satisfy the seller, the 30-year mortgage loan would be written as a balloon note, which means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan. What would the loan balance be at the end of Year 3? Do not round intermediate calculations. Round your answer to the nearest cent. $ What would the balloon payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Ek to Assignment Attempts Keep the Highest 35. Problem 5.35 (Amortization Schedule with a Balloon Payment) LE eBook You want to buy a house that costs $330,000. You have $33.000 for a down payinent, but your credit is such that mortgage companies will not lend you the required $297,000. However, the realtor persuades seller to take a $297,000 martgage (called a seller take back mortgage) at a rate of 6%, provided the loan is paid off in full in 3 years. You expect to inherit $330,000 in 3 years, but right now all you have is $ and you can afford to make payments of no more than $22,000 per year given your salary. (The loan woult call for monthly payments, but assurne end of-year annual payments to simplify things.) a. If the loan was amortized over 3 years, how large woull each annual payment be? Do not round intermediate calculations. Round your answer to the nearest cent. Could you afford those payments? -Select . b -Select yinent be? Da rct round intemeiate calitations. Round your answer to the nearest cent. No, the calculated payments greater than the affordable payment. Yes, the calculated payment is less than the affordable paymsl C. No, the affentable payment is greater thar Ihr calculated at then as a bal ou rare, which ireers hat at the end of the third year you wand have to make the regular payment plus the remaining balance Yes, the calculated payment is oreater tha: the afordable panier wh Yes, the affordable payment is less than the cated payment. $ und interneciate ca culations. Round your answer to the nearest cent What would the balloon payment he? Do not round intermediare calculations. Round your answer to the nearestent S Activate Window Grade it Now Save & Continue 2 C Tri quang A B C ENG Chp FRESH the Highest / 6 35. Problem 5.35 (Amortization Schedule with a Balloon Payment) LI eBook You want to buy a house that costs $330,000. You have $33,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $297,000. However, the realtor seller to take a $297,000 mortgage (called a seller take back mortgage) at a rate of 6%, provided the loan is paid off in full in 3 years. You expect to inherit $330,000 in 3 years, but right now all you and you can afford to make payments of no more than $22,000 per year given your salary. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) a. If the loan was amortized over 3 years, how large would each annual payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Could you afford those payments? Select b. If the loan was amortized over 30 years, what would each payment be? Do not round intermediate calculations. Round your answer to the nearest cent. Could you afford those payments? -Select c. -Select When as a balloon note, which means that at the end of the third year, you would have to make the regular payment plus the remainin Yes, the calculated payment is less than the affordable payment. WW und intermediate calculations. Round your answer to the nearest cent. No, the calculated payment is greater than the affordable payment. $ No, the affordable payment is greater than the calculated payment calculations. Round your answer to the nearest cent. S Yes, the calculated payment is greater than the affordable payment. wh No, the affordable payment is less than the calculated payment. Activate Window Go to Settings to act Grade it Now Save & Continue 2 sc Tri quang V hay