hockeybeast33 hockeybeast33

08-02-2017
Mathematics

Answered

Julie and Brian are financing $245,000 to purchase a house. they obtained a 30/5 balloon mortgage at 5.25%. What will their balloon payment be?

Verified Answer :

MissPhiladelphia MissPhiladelphia

15-02-2017

This question had the following choices:
A) $223,884.91

B) $226,753.98

C) $229,679.66

D) $234,068.73

I used the Online Balloon Payment Loan Calculator and got this amount $226,753.92. This is nearest to Choice B.

For manual computation, use this formula in the 2nd attachment.

View image MissPhiladelphia

View image MissPhiladelphia

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