How large will this balloon payment have to be for you to keep your monthly payments at 1 350

/in /by

You need a 35-year, fixed-rate mortgage to buy a new home for $295,000. Your mortgage bank will lend you the money at a 5.9 percent APR for this 420-month loan. However, you can only afford monthly payments of $1,350, 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 $1,350? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

 

 Balloon payment $  

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.